Petty Cash Transactions
IF THE USER DOES NOT WISH TO POST A PURCHASE INVOICE FOR EACH PETTY CASH EXPENSE, THEN THE EXPENSE AND VAT ELEMENT OF THE PETTY CASH PAYMENT CAN ALL BE CAPTURED AT THE SAME TIME.
BANK > PAYMENTS
Select the Petty Cash Account from the drop down list from which the payment was made (bottom right hand corner of entry screen). It is important that you ensure you are working from the correct account at the start.
This should be the payment reference or a suitable reference perhaps the petty cash voucher number (this can be alpha-numeric)
Date of payment
Select a Payee from the existing list (F2) or type the first letter of the Payee name, use arrow down key to scroll through the existing Payee names.
To setup a new Payee simply type the new Payee name. The program will recognise the new name does not already exist and prompt you to specify if it is a new “Supplier” or “Other”, select “Other” to add the new name to the Payee list.
Select the appropriate nominal account, F2 will give a full list of the available accounts which you have flagged for view within the Payments screen. Alternatively type the first letter of the account name and use the arrow keys to scroll through the nominal accounts.
This will always be the GROSS amount when VAT is involved within the transaction.
If applicable a VAT rate can be attached to the amount entered which will record the VAT reclaimable from the Revenue through to the VAT account and VAT report.
While within the amount box use the arrow keys to scroll through the VAT rates available in order to capture the VAT on any payments for which you may reclaim VAT from the Revenue and for which the VAT was not previously captured. The VAT element will flow through to the VAT report to be included within the Normal VAT Report for the period.
IF THE USER HAS POSTED THE PURCHASE INVOICE, WHICH WAS SUBSEQUENTLY PAID FOR OUT OF PETTY CASH, THEN THE VAT AND THE EXPENSE HAS ALREADY BEEN CAPTURED AT THE TIME OF POSTING THE PURCHASE INVOICE THEREFORE A SUPPLIER SHOULD BE CHOSEN AS OPPOSED TO A PAYEE.