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Petty Cash

SheffieldTomSheffieldTom Registered Posts: 25
in Using Accounting Software
Hi,

Having trouble with the petty cash account in Sage.

How would I set this up as an account? At first I changed the cash account to petty cash but don’t think this is right.

Also, when posting a payment for petty cash, how would this be done? I tried going through bank and the cash account but when I tried it said I needed to allocate it to a nominal account?

Would appreciate any advice
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Comments

  • MyRecklessHatMyRecklessHat Registered Posts: 2
    Hi Tom,
    I have my UACS exam on Wednesday. I have seen your previous post regarding the dates and I too was unsure about where the AAT sample assessment states to "change the system software to 30th June of the current year".
    I think the reason for this is so that your entries are made in the correct month e.g. June. I have just done the assessment and one of my credit notes wasn't recorded properly as the date had defaulted to today so wasn't showing in the month of june.Unfortunately if you set your PC settings back to June 30, this then causes a problem running off the reports. I think this is because even if your PC thinks it's June, Sage One being cloud based knows that it's September. I've spoken to my exam centre today and they are not aware of having to alter the system date, just make sure you post all of entries with the correct dates. Sage 50 may be "tricked" by altering the system date as it's not cloud based.

    Regarding petty cash, you are correct to rename the "cash" as "petty cash". When posting from this account you need to assign each payment to the relevant nominal account e.g stationery etc. If you mean putting cash back into this account to reach the imprest value, then you do it as a transfer in the "bank account" tab.

    Hope this helps,

    Kevin
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  • KirstynWKirstynW Registered Posts: 1
    Hello,

    I took my UACS exam yesterday and was advised I did not need to change the system software date.

    Thanks

    Kirstyn
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  • dumutrobadumutroba AAT Student, AATQB Posts: 265
    Hi there I also became aware of that problem with the date change to 30 June when I was practicing for the exam. Since it causes so much trouble I just didn't do it and all went well, 100% scored, so obviously irrelevant
    AAT Level 2. 2018 Distinction
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  • SheffieldTomSheffieldTom Registered Posts: 25
    MyRecklessHat said:

    Hi Tom,

    I have my UACS exam on Wednesday. I have seen your previous post regarding the dates and I too was unsure about where the AAT sample assessment states to "change the system software to 30th June of the current year".

    I think the reason for this is so that your entries are made in the correct month e.g. June. I have just done the assessment and one of my credit notes wasn't recorded properly as the date had defaulted to today so wasn't showing in the month of june.Unfortunately if you set your PC settings back to June 30, this then causes a problem running off the reports. I think this is because even if your PC thinks it's June, Sage One being cloud based knows that it's September. I've spoken to my exam centre today and they are not aware of having to alter the system date, just make sure you post all of entries with the correct dates. Sage 50 may be "tricked" by altering the system date as it's not cloud based.



    Regarding petty cash, you are correct to rename the "cash" as "petty cash". When posting from this account you need to assign each payment to the relevant nominal account e.g stationery etc. If you mean putting cash back into this account to reach the imprest value, then you do it as a transfer in the "bank account" tab.



    Hope this helps,



    Kevin

    Thank youfor your reply. That has definitely put my mind at rest.

    One more question. On the practice exam it says set the account start date to 1 June which is fine, but when I come to post supplier/customer opening balances it only lets me post this as 31st May and when looking at the bank statement, it brings to opening balances up as 31st May, when in the exam it says 'Opening balances at 1 June'. Is there something i'm missing or is this correct?

    Thanks again,
    Tom
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  • MyRecklessHatMyRecklessHat Registered Posts: 2
    Hi Tom,

    I also had this issue whilst doing a practice paper. It's not a problem. Sage One automatically posts the opening balances to the final day of the previous year. As long as you've set the correct correct start date you're fine.

    Are you sitting the exam soon?

    Kevin
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  • SheffieldTomSheffieldTom Registered Posts: 25
    > @MyRecklessHat said:
    > Hi Tom,
    >
    > I also had this issue whilst doing a practice paper. It's not a problem. Sage One automatically posts the opening balances to the final day of the previous year. As long as you've set the correct correct start date you're fine.
    >
    > Are you sitting the exam soon?
    >
    > Kevin

    Ah brilliant thank you! Yeah got an exam on the 2nd Nov. If it’s anything like the practice assessment I should be fine as I’ve been getting that right every time! Fingers crossed anyway!

    Thanks,
    Tom
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  • SheffieldTomSheffieldTom Registered Posts: 25
    MyRecklessHat said:

    Hi Tom,



    I also had this issue whilst doing a practice paper. It's not a problem. Sage One automatically posts the opening balances to the final day of the previous year. As long as you've set the correct correct start date you're fine.



    Are you sitting the exam soon?



    Kevin

    Am I also right in thinking that like with Sage Business Cloud, the nominal ledgers are already set up and I'll just have to edit/add a couple maybe?
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