Finance - Introduction of Central bank account option for Petty Cash
Finance users now have the ability to enable central management of Petty Cash without using a local bank account by following these steps:
Modules > Finance > Maintenance > Ledger Groups and Codes
Create a new central Petty Cash Ledger Code by ticking the "Is Central" checkbox in the Extended Details panel and assigning an individual Fund Code for Petty Cash reimbursements before saving.
Modules > Finance > General Ledger > Petty Cash Processing
The newly created central Petty Cash Account will now appear and the description will include the Ledger Description followed by the Fund Code Description. Users can post a Petty Cash Reimbursement using the central bank account by selecting the central Petty Cash Account and clicking Add Reimbursement.
In the Reimbursement panel:
- The Drawn from field will display the selected Fund Code and will be disabled.
- The Cheque Book field will also be disabled.
- Users will need to enter the Amount (£) and Narrative, but have the option to enter a Payee.
- Finally users can Post the reimbursement.
Note: The Journal that gets generated will now credit the Fund Code and debit the Petty Cash Ledger Code.