Get the free Temporary Transfer of Custody of Petty Cash Fund

This document facilitates the temporary transfer of custodianship for a petty cash fund, outlining responsibilities and approval processes.

How to fill out temporary transfer of custody

How to fill out Temporary Transfer of Custody of Petty Cash Fund

1. Identify the petty cash fund that needs to be transferred.
2. Complete the Temporary Transfer of Custody form with the current custodian's name and signature.
3. Enter the name of the new custodian who will take temporary custody.
4. Specify the amount of petty cash being transferred.
5. Provide the reason for the temporary transfer.
6. Sign and date the transfer form.
7. Ensure both custodians retain a copy of the signed form for record-keeping.

Who needs Temporary Transfer of Custody of Petty Cash Fund?

1. Employees who require temporary access to petty cash for business expenses.
2. Managers who are delegating custody of the petty cash fund during their absence.
3. Accounting staff involved in the management of petty cash funds.

People Also Ask about

What is a petty cash custodian?

The petty cash custodian is charged with distributing the cash and collecting receipts for all purchases or any uses of the funds. As the petty cash total declines, the receipts should increase and add up to the total amount withdrawn.

What is the journal entry for petty cash transfer?

A petty cash journal entry is a financial record documenting the transactions made from the petty cash fund. These entries ensure that all withdrawals and replenishments are accurately tracked, providing an audit trail for small business expenses.

Who is a cash custodian?

More Definitions of Cash Custodian Cash Custodian means any other Person from time to time engaged to provide custodian, security or related services to the Trust's cash assets pursuant to authority delegated by the Sponsor.

What is the difference between a cashier and a cash custodian?

A petty cashier might be assigned to issue the check to fund the petty cash drawer and make the appropriate accounting entries. The petty cash custodian is charged with distributing the cash and collecting receipts for all purchases or any uses of the funds.

How to process a petty cash transaction?

For petty cash accounting, you must create a log detailing your transactions. And, you must record a petty cash journal entry when you put money into the petty cash fund and when money leaves the fund. Consider recording petty cash transactions in your books at least once per month.

What is the role of petty cash?

The purpose of a petty cash fund is to provide business units with sufficient cash to cover minor expenditures. The intent is to simplify the reimbursement of staff members and visitors for small expenses that generally do not Exceed $25.00, such as taxi fares, postage, office supplies, etc.

Which transfer from main cash to petty cash required to pass?

Answer: Contra voucher type is used in tally to transfer amount from one bank to another.

For pdfFiller’s FAQs

What is Temporary Transfer of Custody of Petty Cash Fund?

Temporary Transfer of Custody of Petty Cash Fund is a process in which the responsibility and access to a specific petty cash fund are temporarily delegated to another individual or department, typically for a defined period or purpose.

Who is required to file Temporary Transfer of Custody of Petty Cash Fund?

Typically, department heads, managers, or designated custodians who oversee petty cash funds are required to file the Temporary Transfer of Custody of Petty Cash Fund when they need to designate someone else to handle the funds.

How to fill out Temporary Transfer of Custody of Petty Cash Fund?

To fill out the Temporary Transfer of Custody of Petty Cash Fund, you need to include details such as the name of the current custodian, the name of the temporary custodian, the amount of petty cash being transferred, the reason for transfer, and the duration of the transfer.

What is the purpose of Temporary Transfer of Custody of Petty Cash Fund?

The purpose is to ensure that petty cash can be managed efficiently when the primary custodian is unavailable, thereby reducing delays in accessing funds for necessary expenses.

What information must be reported on Temporary Transfer of Custody of Petty Cash Fund?

The information that must be reported includes the names of both the current and temporary custodians, the amount of petty cash, the purpose for the transfer, the start and end date of the transfer, and any relevant signatures.