The credit side consists of several analysis columns. Petty cash funds provide cash to units and departments to cover minor expenses, such as reimbursement of staff A petty cash is a cash book used to enter all small or petty expenses obtained.
Definition of Petty Cash Voucher.
Regardless of its use, documentation is usually required to account for the funds in order to avoid potential auditing issues.
These types of transactions require more time and paperwork to complete. This saves time from filing and using up checks. A petty cash fund is generally kept so that employees of a business can make small purchases without having to requisition money, use a company credit or debit card, or have a check cut.
The is only one money column on the debit side and all sum received from time to time by the petty cashier from the chief cashier are entered in it. A petty cash voucher is usually a small form that is used to document a disbursement (payment) from a petty cash fund.Petty cash vouchers are also referred to as petty cash receipts and can be purchased from office supply stores.. What is a petty cash voucher? Many financial officers agree that, in certain cases, it is not cost effective — not to mention a waste of time — to issue a check for small business expenditures. Petty cash or cash at hand is defined as a small amount of money set aside to cover for minor expenses in the company without having to write a check. For example, you can use petty cash to pick up some printer paper or … Petty cash funds set up in Fund 30/31 projects may not be commingled with other funds or used to pay subjects in other projects. The fundamental difference between the Main Cash Book and the Petty Cash Book is that only petty expenses are recorded in the Petty Cash Book. Petty cash accounting involves establishing a petty cash policy, setting up a petty cash log, creating journal entries, and reconciling the petty cash account.
A petty cash book is generally maintained on a columnar basis – a separate column being allotted for each type of expenditure. It can help you pay for small expenses . PETTY CASH PROCEDURE GUIDE Statement This policy establishes the proper uses and administration of petty cash funds. But in the main Cash Book all receipts (big and small) and large expenses are recorded. What is petty cash? These funds should be used only when cash is the most cost efficient method of payment. It can also be used to provide reimbursements or change to customers. The petty cash book will be maintained by a separate cashier known as petty cashier in the accounting field. The petty cash voucher should provide space for the following: Some common uses for petty cash include purchasing office supplies and paying for meals, entertainment, local transportation, and other miscellaneous fees. Deposit $100-$500 to start the fund, and make sure to have small and larger bills as well as coins. Petty cash funds set up for subject payments are limited to subject payments and cannot be used to pay for other types of expenses. The payment can be used to reimburse staff members for small expenditures that don’t exceed $25.00, such as cab fare, office supplies, postage, etc.
At times, every business finds it convenient to have small amounts of cash available for immediate payment of items such as delivery charges, postage stamps, taxi fares, supper money for employees working overtime, and other small items. When you return from Staples, deposit the receipt for the pens along with any remaining change (let’s say it’s $3.67 in this case) back into the lockbox, and make a corresponding entry in the petty cash log. Petty Cash Custodian: The Petty Cash Custodian is responsible for:. The basic process of setting up a petty cash system is: Location.Decide upon the locations where petty cash funds will be installed. For example tea, Xerox copy etc. Petty cash is a small amount of discretionary funds that your business uses to make change for customers or when it doesn’t make sense to write a check.
Petty cash funds.
They’ll usually keep it in a lockbox or a cash register, and will have some kind of system in place to make sure none of it gets lost. The day to day maintenance of the petty cash fund, including: Safeguarding, reconciling, and replenishing the fund, Counting and reconciling petty cash funds at least monthly so that shortages or other discrepancies can be noticed, reported, and corrected in a timely basis. Uses of Petty Cash Book It's a cash book used to enter daily petty expenses like cost of stationery, postage and Xerox copy and so on. To use petty cash, simply grab however much cash you need from the lockbox (say, $10). A petty cash system is a set of policies, procedures, controls, and forms that a company uses to dispense cash for various miscellaneous needs, such as office supplies and services. To account for petty cash, create a transaction log that covers the date, the person who used the petty cash, a description of the transaction, and any other deposits or expenses.
Besides maintaining a main or general cash book, many companies also maintain a small cash book known as petty cash book to record small day to day expenditures of the business..
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