I am am recently 'qualified' book keepr in my first post and have constant headaches!
I have transfered monies from main bank account to petty cash account. (new business so starting from scratch)
I need to know what to do next.
Do I wait til end of month and post at this time.
In plain english please:
1/ I've transferred £200 from main bank account to petty cash and withdrawn £200 by cheque from main account and put in petty cash tin. I now have, for example, £6.00 stamps, £5.00 petrol and £10.00 stationary, how do I post now.
I presume petty cash - supplier payment to correct nominal codes (which takes the monies from petty cash and allocates to correct nominal codes but is that it? i am used to doing manually and always thinking about double entry and surely there must be another entry?
Sorry if I sound a bit thick but really trying to learn as quick as possible
Thank you in advance for your replies