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State of Vermont Department of Finance and Management Financial Process:Petty Cash AccountsTopic:Internal Control Best PracticesApplicable To:All State Agencies, Departments, and OfficesIssue Date:

How to fill out petty cash accounts

How to fill out petty cash accounts:

1. Start by designating a specific amount of money as petty cash and keep it separate from your main cash account.
2. Create a petty cash log or journal to track all transactions made using the petty cash. Include columns for the date, description of the expense, amount spent, and the person responsible for the transaction.
3. Ensure that all petty cash expenses are supported by receipts or other supporting documentation. Attach these documents to the petty cash log for reference.
4. Record each expense in the petty cash log, including the amount spent, a brief description of the expense, and the date. Subtract the amount spent from the remaining petty cash balance to keep track of the available funds.
5. Replenish the petty cash fund regularly by reimbursing the custodian for the expenses incurred. This can be done by writing a check or transferring funds equal to the total of the expenses recorded in the petty cash log.
6. Conduct periodic audits to verify the accuracy of the petty cash log and ensure that all expenses are legitimate and properly documented. This will help prevent any misuse or discrepancies.

Who needs petty cash accounts:

1. Small businesses or organizations that frequently make small cash payments for various expenses may find petty cash accounts beneficial. This can include office supplies, postage, travel expenses, or reimbursements for staff.
2. Retail businesses may also have a need for petty cash accounts to handle minor customer refunds, small cash purchases, or reimbursements for employee purchases.
3. Non-profit organizations, schools, or universities often utilize petty cash accounts to cover minor expenses for events, supplies, or student reimbursements.

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What is petty cash accounts?

Petty cash accounts are used to track small, day-to-day expenses that are typically paid in cash.

Who is required to file petty cash accounts?

Any entity or individual who uses petty cash for business expenses is required to file petty cash accounts.

How to fill out petty cash accounts?

Petty cash accounts can be filled out by recording the date, purpose of the expense, amount spent, and recipient of the cash.

What is the purpose of petty cash accounts?

The purpose of petty cash accounts is to track and monitor small expenses that are paid in cash.

What information must be reported on petty cash accounts?

Information such as date, purpose of expense, amount spent, and recipient of cash must be reported on petty cash accounts.