I know that Petty cash can be used to handle small purchases using the owners cash for a Sole Proprietership, but I am not pleased with the record keeping tools. I was thinking of setting up an "Owner's Cash" credit card in Quickbooks 2006. The "Credit Card" seems to offer great abilities to record the individual expenses. Periodicly, or when the balance reaches a certain threshhold, checks can be written to the "Owner's Cash" vendor payable to the owner.
Any good reason not to do this?