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This document presents an internal audit report on the petty and departmental cash funds of the City of Bowling Green, detailing observations, recommendations, and management responses for improving

How to fill out petty departmental cash audit

How to fill out Petty / Departmental Cash Audit

1. Gather all petty cash receipts and documentation.
2. Count the cash remaining in the petty cash fund.
3. Compare the total cash on hand with the total of receipts.
4. Check that each receipt is properly filled out and corresponds to a legitimate business expense.
5. Verify that receipts are signed and dated.
6. Document any discrepancies found between cash and receipts.
7. Prepare a report summarizing the findings and any necessary actions.

Who needs Petty / Departmental Cash Audit?

1. Department managers responsible for overseeing petty cash funds.
2. Financial auditors conducting departmental audits.
3. Internal controls personnel ensuring compliance with financial policies.
4. Accounting departments needing accurate cash tracking.

People Also Ask about

How to do an audit of petty cash?

Petty Cash Log should be complete - petty cash on-hand plus receipts should always equal the original petty cash fund. Custodians should replenish the fund when cash balance is low. Prior to replenishing the fund, the custodian should make sure that cash on-hand plus receipts equals the original balance of the fund.

How to do a petty cash audit?

Calculate total expenditures: Add up the amounts listed on all receipts to determine the total petty cash spent during the period. This provides a clear picture of expenses. Compare balances: Compare the initial petty cash float to the sum of cash on hand and total expenditures. The equation should balance out.

What is the best way to track petty cash?

Tracking Petty Cash Using Journal Entries Make a journal entry that debits the Petty Cash asset account and credits the journal account for the bank. Every time you spend cash from the Petty Cash account, keep a receipt to explain how the cash was used.

What are the basic petty cash procedures?

The accounts payable staff creates a check made out to the cashier in the amount needed to fund petty cash to its stated limit. The cashier deposits the check and converts the funds into cash. The accounts payable staff forwards the petty cash reconciliation form to the general ledger accountant.

For pdfFiller’s FAQs

What is Petty / Departmental Cash Audit?

A Petty / Departmental Cash Audit is an evaluation of the cash transactions and balances within a department's petty cash fund to ensure accuracy, compliance with policies, and proper documentation.

Who is required to file Petty / Departmental Cash Audit?

Individuals or departments that manage petty cash funds are required to file a Petty / Departmental Cash Audit as part of their financial accountability and oversight.

How to fill out Petty / Departmental Cash Audit?

To fill out a Petty / Departmental Cash Audit, one should record cash on hand, document all transactions, reconcile receipts with disbursements, and provide necessary approvals as per the organization's procedures.

What is the purpose of Petty / Departmental Cash Audit?

The purpose of a Petty / Departmental Cash Audit is to ensure that petty cash funds are being used appropriately, to prevent fraud, ensure proper record-keeping, and maintain financial integrity.

What information must be reported on Petty / Departmental Cash Audit?

The information that must be reported includes the total petty cash balance, a detailed list of expenditures, receipts for all transactions, and any discrepancies or issues identified during the audit.