In AccountingSuite, bank accounts and petty cash are components of the Chart of accounts, enabling businesses to track their cash flow effectively and maintain accurate records of transactions. This separation facilitates better budgeting and financial analysis, as users can monitor the inflow and outflow of funds in real-time. Additionally, it helps to streamline reconciliations.
When setting up your Chart of Accounts, you have two primary methods for managing bank accounts and petty cash locations.

Option 1: G/L account with Extra Dimensions #

Option 2: Separate G/L accounts #

For each bank account or each petty cash location, create a new account. You can upload multiple accounts using the Data import tool for the Chart of accounts.