Get the free PETTY CASH CONTROL (IMPREST ACCOUNTS): F540 - canterbury ac

PETTY CASH CONTROL (IMPRESS ACCOUNTS): F540 1. 1.1 Introduction The purpose of Petty Cash is to pay for minor items of expenditure which are required as a matter of urgency or when the normal purchasing

How to fill out petty cash control imprest

How to fill out petty cash control imprest:

1. Start by ensuring that you have the necessary documents and forms. These may include a petty cash voucher template, a petty cash log or register, and a reimbursement form.
2. Begin by recording the initial amount of cash in the petty cash register or log. This is usually known as the "imprest amount" and is a fixed sum agreed upon by the organization.
3. Every time a request for petty cash is made, fill out a petty cash voucher. The voucher should include details such as the date, the person receiving the cash, the purpose of the expense, and the amount disbursed.
4. Make sure to obtain a receipt for every expense made. Attach the receipt to the petty cash voucher as proof of the expenditure.
5. Keep a record of all petty cash expenses in the petty cash log or register. Include details such as the date, the person who received the cash, the purpose of the expense, the amount disbursed, and any relevant remarks.
6. As expenses are made and the petty cash fund diminishes, it may be necessary to replenish the fund. Fill out a reimbursement form, providing details of the expenses made and the amount needed to bring the petty cash fund back up to the imprest amount.
7. Submit the reimbursement form, along with all the petty cash vouchers and supporting receipts, to the appropriate person or department for approval and processing.
8. Periodically review the petty cash log or register and reconcile it with the actual cash in hand. This helps ensure that the amounts recorded are accurate and that there are no discrepancies.
9. Finally, keep track of any changes or adjustments made to the petty cash fund, such as increases or decreases in the imprest amount, and update the necessary documents accordingly.

Who needs petty cash control imprest:

1. Small businesses that frequently make small cash payments for various expenses, such as office supplies, travel expenses, or minor repairs often use petty cash control imprest.
2. Non-profit organizations that deal with regular cash transactions, like collecting donations or organizing events, may also need a petty cash control imprest to keep track of small expenses.
3. Retail or service-oriented businesses that rely on cash transactions, such as restaurants, convenience stores, or salons, may find it beneficial to have a petty cash control imprest system in place to manage day-to-day expenses.

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What is petty cash control imprest?

Petty cash control imprest is a system used by organizations to maintain a fixed amount of cash on hand for small, everyday expenses.

Who is required to file petty cash control imprest?

Individuals who are responsible for managing petty cash funds within an organization are required to file petty cash control imprest.

How to fill out petty cash control imprest?

To fill out petty cash control imprest, one must document all cash receipts and disbursements, reconcile the cash balance regularly, and maintain detailed records.

What is the purpose of petty cash control imprest?

The purpose of petty cash control imprest is to ensure that there is always a sufficient amount of cash available for small expenses, while also maintaining proper documentation and accountability.

What information must be reported on petty cash control imprest?

Information such as date, amount, purpose of expense, and individual responsible for the transaction must be reported on petty cash control imprest.