Institute of Certified Bookkeepers
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Pett Cash help

  • 1 post
  • # 115126

Hi 

Please help!!! Im not sure what i need to do to help a customer!!! They have used an accountant who set them up on MYOB but used another accounting software to process BAS etc. This accountant has used the petty cash in MYOB as a general journal for cash payments for the last 3 years, never reconciled it and never reimbursed the account. The customer has left the accountant and is only using MYOB now. Im not sure how i reimburse the petty cash or what i need to do to correct it. Its nearly -$13000

Any help would be greatly appreciated Thanks in advance.

  • 4 posts
  • # 115135

Where did the money for payments come from, physically? 

  • 172 posts
  • # 115162

Just a guess here - the owner is a sole trader and the payments are a mix of cash in wallet, unbanked sales receipts, payments from personal bank and credit card.

If so, then might the petty cash account effectively be considered an 'Owners Drawings/Contributions' account?

  • 1 post
  • # 119590

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