Open a float
A float is a fixed amount kept by a custodian for small, regular expenses. Open the Banking page, then the Petty cash tab, and press New float. Enter the Float name and Limit (imprest) (1) and choose the Custodian. Leave Cash account (2) on Create a new cash account for this float so it has its own account, then press Save.
- Top up
- Expenses
- Replenish to limit
Put the first money in
Choose the float in the list and press Top up. Set From account, Date and Amount, then Save. This is a transfer from the bank to the box, not an expense yet.
| Account | Debit | Credit |
|---|---|---|
| Petty cash | 5,000.00 | |
| Bank | 5,000.00 |
Record each expense with its receipt
Press Record expense. A supplier is required, and you can create one from the same field. Choose the expense account, enter the amount and VAT, then press Save. It is recorded as a supplier bill paid from the float, and it appears under Expenses.
| Account | Debit | Credit |
|---|---|---|
| Stationery | 1,000.00 | |
| Input VAT | 150.00 | |
| Petty cash | 1,150.00 |
Replenish the box to its limit
The top of the float shows Cash in the box, Spent since last replenishment and Short of the limit. When you need to, press Replenish to limit and choose From account. The amount is worked out for you, the limit less what is in the box, and posts as a transfer. The button stays disabled while the float is at its limit.
The cash in the box plus the receipts not yet replenished should equal the limit. Count the cash before replenishing to catch any gap early.
Close a float you no longer need
Press Close float. Its account and history stay, and nothing more can be recorded on it. First return any cash left to the bank with a transfer between accounts, so that it holds no balance.
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