Petty Cash: What It Is, How It's Used and Accounted For, Examples

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Any time a member of your team takes some petty cash for a purchase, they should record it in the log book with details about how much was taken

If there were cash overage, the petty cash account would be debited and the cash over and short account would be credited In this case, the expense balance A 'Petty Cash Reimbursement' form must be completed, listing all the purchases, applicable taxes and assigning an appropriate account number to every expense

தங்கம் லாட்டரி டுடே ரிசல்ட் Reconciliation of Petty Cash Funds At the end of each month the custodian must reconcile the petty cash fund to ensure that all money is accounted for using Because credit cards and online transactions are common nowadays, petty cash funds are no longer necessary for a healthy business spending