Search results
3 days ago · Petty cash is a small amount of cash on hand used for paying expenses too small to merit writing a check. Learn how to balance petty cash in accounting.
5 days ago · A petty cash log (also called a petty cash register) is the official record of all petty cash transactions. The petty cash custodian is in charge of maintaining the petty cash log for all petty cash transactions that were taken out of the fund. We have prepared a free downloadable petty cash log template that you can use for your ...
2 days ago · Published Jun 29, 2024. Managing petty cash effectively is crucial for businesses of all sizes. This small pool of funds, used for minor expenses, can quickly become a source of inefficiency and even fraud if not handled properly. Proper management ensures that these transactions are tracked accurately, reducing the risk of errors and misuse.
3 days ago · Though we might think of the word “petty” disparagingly, its etymological roots go back to the French ( petit ), simply meaning small, little. Thus “ petty cash ” is a small amount of money kept on hand for quick access. Petty cash can be used for: Snacks, small meals, or other employee rewards. Fuel when traveling.
5 days ago · Establishment of a Petty Cash Policy: Before any auditing can take place, a clear and concise petty cash policy must be established. This policy should outline the procedures for disbursing and replenishing funds, the types of expenses that can be covered, and the documentation required for each transaction.
4 days ago · The difference between cash and petty cash is that cash refers to all of a company’s monetary assets, including physical currency, bank accounts, and short-term investments, whereas petty cash is a limited amount of cash set aside specifically for small, routine office expenses.
3 days ago · The petty cash book is a book where small recurring payments like carriage, cartage, postage and telegram, printing and stationery etc., are recorded by the petty cashier, a person other than the main cashier.
