QB Issue Resolution:
When reconciling a cash register drawer you need several numbers:
Starting cash/cash drawer amount, Sales (cash in), Expected cash, Cash in drawer, Cash over/short
The formula works like this:
Step 1: Starting cash + Sales = Expected cash
Step 2: Cash in drawer – Expected cash = Cash over/short
Starting cash $200 + sales $2000 = Expected cash $2200
Cash in drawer $ 2194.50 – Expected cash $2200 = Cash short $-5.50
Cash in drawer $ 2212.00 – Expected cash $2200 = Cash over $12
– Generally the amount taken to the bank is a manager’s choice involving how much cash she wants to leave in the drawer for tomorrow, and is not involved when counting out the cash for a register to see if you’re in balance.
– If excess cash is removed from the register during the day, add that back to “Cash in drawer” for these calculations.
Resolution for Issue 'How to count Petty Cash?' available: Yes (Solved).
Source: Intuit Community forum.
How to count Petty Cash?: this issue or error code is a known issue in Quickbooks Online (QBO) and/or Quickbooks. Support for this issue is available either by self-service or paid support options. Experts are available to resolve your Quickbooks issue to ensure minimal downtime and continue running your business. First try to resolve the issue yourself by looking for a resolution described below. If it is a complex issue or you are unable to solve the issue, you may contact us by clicking here or by using other support options.Support for Cash in drawer
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Error Recovery for Cash in drawer [Canada]
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