Managing petty cash: Depositing & withdrawing

Managing petty cash: Depositing & withdrawing  

Last Updated: May 2025

3 minute read

Managing residents' petty cash within Found allows for easy tracking of petty cash deposits, withdrawals, and payments for billable extras, ensuring that a resident's balance is always up to date. 

This process also allows for clear visibility of all transactions made from a resident's petty cash account.

Depositing cash

To accurately reflect a resident's petty cash balance, deposits must be recorded in the product. This ensures that the amount available in the account is up to date and properly reflected in the financial records.

Steps to deposit cash:

1. Navigate to the resident profile

2. Select the billing tab

3. Select the petty cash ledger tab

4. Click deposit

5. Complete the form, filling out the deposit details

   1. Depositor: select whether the deposit is made by the resident or a contact on their behalf.

   2. Amount: enter the amount being deposited into the petty cash account.

   3. Date and time: confirm the deposit date and time.

   4. Notes: provide any relevant details or notes about the deposit.

6. Confirm the Deposit:

Once the deposit is made, the resident’s balance will update accordingly. A new line will be added to the petty cash ledger to reflect the deposit.

Withdrawing cash

You can withdraw money from the petty cash ledger either as a straightforward withdrawal or by using it to pay for billable extras.

Steps to withdraw cash:

1. Navigate to the resident profile

2. Select the billing tab

3. Select the petty cash ledger tab

4. Click withdraw

5. Complete the form, filling out the withdrawal details

   1. Withdrawer: select whether the withdrawal is being made by the resident or a contact on their behalf.

   2. Amount: enter the amount being withdrawn from the petty cash account.

   3. Date and time: confirm the date and time of the withdrawal.

   4. Notes: include any relevant details or notes about the withdrawal.

6. Confirm the withdrawal

   1. After the withdrawal, the resident’s petty cash balance will update, and a new line will be added to the petty cash ledger.

Using petty cash to pay for billable extras

Petty cash can also be used to cover the costs of billable extras for a resident. When this occurs, the payment is automatically recorded in the petty cash ledger and reflected in the resident's balance.

Steps to use petty cash for billable extras

1. Navigate to the resident profile

2. Select the billing tab

3. Select the billable extras tab

4. Click Add Billable Extra

5. Complete the billable extra form

6. Select the "Pay with Petty Cash & Mark as Complete" toggle

   1. This option ensures that the payment for the billable extra is made using the resident's petty cash balance. 

   2. Once selected, the transaction will be recorded in both the billable extras and the petty cash ledger. The status of the billable extra will also be marked as Complete.

7. Confirm the details

After the billable extra is added, a new line will appear in the petty cash ledger, and the balance will be updated accordingly.