Several employees preffer their net amount in the form of cash. Issue one check to "Cash" totalling net amounts of several employees, cash and distribute to the employees. Print paystubs showing all deductions to accompany the cash. What is the best way to process and record the whole event?Thx,Jack
I think your best bet is to set-up a petty cash account that would be a bank type account in QuickBooks. You could write the check from checking to get the cash and charge it to the petty cash account. Then when you prepare the paychecks for the employees who want cash, show the paychecks coming out of the petty cash account instead of the checking account (this means you would need to process these paychecks in a separate step from the others). The balance in the petty cash account would be zero after the employee paychecks are processed.
Be very sure that you have a way to document that the employees received the cash. They could come back later and claim that they didn't receive the money.
We have intercompany accounts. We had to take cash from COMP B to cover COMP A checks. We did the distribution in the COMP B as DUE TO/DUE FROM. How do I fix the checks in COMP A register to show they were cash payments....move them to Petty Cash? But if i do that I will not show a deposit into the Petty Cash in COMP A so I'm stumped on what to do.
Can you help??? Thanks.
In Company A, you use Deposit, to Petty Cash, and the From Account is the "Due To/From Comp B" balance sheet account. This increases petty cash. The paychecks, top left, also post to Petty Cash bank, and this decreases cash.
I have some employees that we pay with cash because that is their preference.I write my checks manually, but I do use Quickbooks Basic Payroll. I do everything on payroll just like I do for those receiving checks. This way I have paystubs individualized as well as all witholding taxes distributed properly.I write the check to "Cash" for their net pay and write their name in the memo
section of the check. I make a duplicate of the paystub and on it near the bottom I print a line with "Cash Received" and the amount. Under that I have a line "Signed" and they must sign that they received that amount in cash. I keep these stubs in a file. I have been doing this for quite some time and my bank questioned me at first about cashing these checks.I explained the reason and have had no more problems cashing these checks.I have the teller cash each separately and write the amount on the outside of each individual envelope.
So far this is working for me.
