I. Set-up a Standard COA

Chart of Account (COA)

Description

Asset (Bank 112)

Petty Cash Fund

Asset (Bank 113)

Petty Cash Clearing

1. Start creating an account in JuanTax by going through the Chart of Accounts section.

STEP 1: Go to Settings > Chart of Accounts.

STEP 2: Click the Plus Sign (+) button.

STEP 3:. For the Account Details, select your account type and enter a unique account code.

STEP 4: Enter an account name and description before hitting Save.

Note: In this one we used Petty Cash Fund

Note: In this one we used Petty Cash Clearing

II. Creating transactions in JuanTax

1. SET-UP/ESTABLISH PETTY CASH (EXPENSE) - CASH DISBURSEMENT

Dr. Petty Cash 10,000

Cr. Bank 111 10,000

ENTER TRANSACTION TO JUANTAX:

STEP 1: Go to Transactions > Add Transaction and click Purchases.

STEP 2: Enter the following:

1. VENDOR - Petty Cash

2. DATE - 02/14/2020

3. REFERENCE - OR121212

4. DESCRIPTION - Set-up Petty Cash Fund

5. TAX TYPE - Non-tax

6. ATC - N/A

7. COA - 111 - Bank

8. AMOUNT - Php10,000

STEP 3: Apply for Payment

2. RECORDING OF EXPENSE (RECEIPTS)

Dr. Office Supplies 7,142.86

Dr. Input VAT 857.14

Cr. AP Bank 8,000

ENTER TRANSACTION TO JUANTAX:

STEP 1: Go to Transactions > Add Transaction and click Purchases.

STEP 2: Enter the following:

1. VENDOR - National Bookstore/Miscellaneous

2. DATE - 03/14/2020

3. REFERENCE - OR131313

4. DESCRIPTION - Office Supplies/Recording of receipts (expenses)

5. TAX TYPE - VAT on Goods

6. ATC - N/A

7. COA - 618 Office Supplies

8. AMOUNT - Php8,000

STEP 3: Apply for Payment - 113 Petty Cash Clearing

3. PAY USING CLEARING ACCOUNT (APPLY PAYMENT TO ALL RECEIPTS)

Dr. Petty Cash Custodian (Judith) 8,000

Cr. Petty Cash Clearing (Bank 113) 8,000

ENTER TRANSACTION TO JUANTAX:

STEP 1: Go to Transactions > Add Transaction and click Purchases.

STEP 2: Enter the following:

1. VENDOR - Petty Cash Custodian

2. DATE - 03/20/2020

3. REFERENCE - OR141414

4. DESCRIPTION - Reimbursement to Petty Cash Custodian

5. TAX TYPE - Non-tax

6. ATC - N/A

7. COA - 113 - Bank

8. AMOUNT - Php8,000

STEP 3: Apply for Payment—Bank 113 Petty Cash Clearing

4. REVERSALS

Dr. Petty Cash Clearing 8,000

Cr. Bank 111 8,000

ENTER TRANSACTION TO JUANTAX:

STEP 1: Go to Transactions > Add Transaction and click Purchases.

STEP 2: Enter the following:

1. VENDOR - Petty Cash Clearing

2. DATE - 03/31/2020

3. REFERENCE - OR151515

4. DESCRIPTION - Reversals of Petty Cash Clearing Account

5. TAX TYPE - Non-tax

6. ATC - N/A

7. COA - 113 - Bank

8. AMOUNT - Php8,000

STEP 3: Apply for Payment - Bank 111