I. Set-up a Standard COA
Chart of Account (COA)
Description
Asset (Bank 112)
Petty Cash Fund
Asset (Bank 113)
Petty Cash Clearing
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
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:
VENDOR - Petty Cash
DATE - 02/14/2020
REFERENCE - OR121212
DESCRIPTION - Set-up Petty Cash Fund
TAX TYPE - Non-tax
ATC - N/A
COA - 111 - Bank
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:
VENDOR - National Bookstore/Miscellaneous
DATE - 03/14/2020
REFERENCE - OR131313
DESCRIPTION - Office Supplies/Recording of receipts (expenses)
TAX TYPE - VAT on Goods
ATC - N/A
COA - 618 Office Supplies
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:
VENDOR - Petty Cash Custodian
DATE - 03/20/2020
REFERENCE - OR141414
DESCRIPTION - Reimbursement to Petty Cash Custodian
TAX TYPE - Non-tax
ATC - N/A
COA - 113 - Bank
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:
VENDOR - Petty Cash Clearing
DATE - 03/31/2020
REFERENCE - OR151515
DESCRIPTION - Reversals of Petty Cash Clearing Account
TAX TYPE - Non-tax
ATC - N/A
COA - 113 - Bank
AMOUNT - Php8,000
STEP 3: Apply for Payment - Bank 111