Hi FA, Your goal is to have the profit and loss represent a true statement of net income. So the best review is to make sure you have accounted for all your balance sheet accruals correctly.
So when the check was written to petty cash to reimburse it, what expense category did you use to code that check? Whatever that expense account was, that is the one you need to use. You should
First, You have to determine where $550 came from. Last year what was the policy of the company to replenish petty cash Did they write a check and cash it? or did they NOT Deposit Revenue? If neither
Hi FA The petty cash fund was created by 1. not depositing cash sales transactions or 2. writing a check to cash and posting that check to an expense account If the fund was created from not
Hi Michelle: Your question was addressed to someone named Ray but apparently you sent it to me as well. To answer your question more precisely, there are a few more facts that I need to know - For