This article explores Nominal Petty Cash within Insight.

To post a payment out or in to your Petty Cash Tin (bank) that affects the Nominal Ledger in Insight, you need to select the posting type N3 – Nominal Petty Cash.

1. To post an entry to the nominal ledger in the system, you need to go to Accounts > Nominal. You will then just need to search for and select the Nominal you wish to post the N3 – Nominal Petty Cash posting to.

Once you have selected the nominal ledger you wish to post the payment to, you will need to select the posting type N3 – Nominal Petty Cash. Depending on whether the VAT Liable box is ticked on the nominal, the posting will either give you the option to enter VAT for the posting, or no VAT options will appear. 

2. VAT Liable box ticked:

3. VAT Liable box not ticked:

• To complete the posting, you need to fill out the Reference, Description, Amount/Gross Amount, VAT (if applicable), and VAT rate (if applicable). 
• You then need to choose whether this posting should Debit or Credit the nominal. Once all information has been entered, you will need to select the PettyCash Bank from the drop-down list.
• Some example postings are shown below:
   

  

• Once you are happy, check that the New Balance in the bottom left is correct and then click Post in the bottom right of the screen.
• Once posted, you will be able to see the entry on the Nominal ledger.