Get the free Petty Cash Funds - Steele County Minnesota

PROCEEDINGS OF THE STEELE COUNTY BOARD OF COMMISSIONERS SPECIAL SESSION December 16, 2014, STATE OF MINNESOTA)) SS COUNTY OF STEELE) The Steele County Board of Commissioners met in Special Session

How to fill out petty cash funds

How to fill out petty cash funds?

1. Start by designating a specific amount of money to be used as petty cash. This amount should be small and manageable for everyday expenses.
2. Create a petty cash log or spreadsheet to keep track of all transactions. This should include columns for the date, description of the expense, amount spent, and the person responsible for the expense.
3. Assign a custodian who will be responsible for managing the petty cash funds. They should be trustworthy and diligent in keeping proper records.
4. Initially, the custodian should count the petty cash, record the starting amount, and sign off on the funds. This establishes a baseline for future cash replenishments.
5. Whenever an employee needs to make a petty cash purchase, they should complete a petty cash voucher. This voucher should include the date, the person's name, the description of the expense, and the amount.
6. The employee then submits the petty cash voucher to the custodian, who will review and approve it. The custodian should verify that the expense is valid and supported by proper documentation.
7. Upon approval, the custodian provides the employee with the cash amount specified on the voucher. The employee must provide the custodian with a receipt or other proof of purchase for accountability.
8. The custodian records the petty cash transaction in the log or spreadsheet, including the date, description, amount spent, and any remaining cash balance.
9. Regularly reconcile the petty cash fund by comparing the remaining cash balance to the total value of receipts and vouchers recorded in the log. This helps identify any discrepancies or unauthorized expenses.
10. It is important to periodically replenish the petty cash fund by reimbursing the custodian for the expenses made. This ensures that the fund remains available for future use.

Who needs petty cash funds?

1. Small businesses often find petty cash funds beneficial as they allow for quick and convenient payments for small expenses without relying on checks or electronic transactions.
2. Retail stores frequently use petty cash funds for making change or providing small refunds to customers.
3. Offices may use petty cash funds to cover expenses like office supplies, minor repairs, or small employee reimbursements.
4. Restaurants and food establishments often use petty cash funds for purchasing small items, like condiments or kitchen supplies, on short notice.
5. Non-profit organizations often utilize petty cash funds to cover small expenses related to fundraising events, volunteer reimbursements, or office supplies.

Note: It is important to establish appropriate protocols and limit access to petty cash funds to maintain control and prevent potential misuse or theft. Regular audits and oversight should be implemented to ensure accountability.

For pdfFiller’s FAQs

What is petty cash funds?

Petty cash funds are small amounts of cash kept on hand by a company for minor expenses.

Who is required to file petty cash funds?

Typically, the person responsible for handling petty cash funds is required to file them.

How to fill out petty cash funds?

To fill out petty cash funds, you need to document each transaction, including the date, amount, and purpose of the expense.

What is the purpose of petty cash funds?

The purpose of petty cash funds is to have readily available cash for small, day-to-day expenses.

What information must be reported on petty cash funds?

Information such as the date, amount, recipient, and purpose of each petty cash transaction must be reported.

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