Get the free PETTY CASH OR CASH DRAWER PROCEDURES

PETTY CASH OR CASH DRAWER PROCEDURES041014Overview Petty cash/cash drawer fund controls and procedures are to ensure that petty cash/cash drawer funds are properly established, maintained and that

How to fill out petty cash or cash

How to fill out petty cash or cash:

1. Begin by preparing the necessary materials. This includes a petty cash or cash voucher form, a petty cash or cash log book, and an adequate amount of cash or funds to be distributed.
2. Identify the purpose for which the petty cash or cash will be used. This could be for small expenses such as office supplies, postage, or general miscellaneous items that arise during the day-to-day operations of a business.
3. Write down the date of the transaction on the petty cash or cash voucher form. Include the amount of cash that is being disbursed, as well as a brief description of the purpose for which it is being used.
4. Ensure that the individual receiving the cash signs and acknowledges the petty cash or cash voucher form. This is an important step to keep track of who is responsible for the funds and to maintain accountability.
5. Record the details of the transaction in the petty cash or cash log book. Include the date, the amount disbursed, the name of the recipient, and the purpose for which the cash was used. This log book serves as a record and helps reconcile the cash at the end of a specific time period.
6. As the petty cash or cash funds are used throughout the day or week, continue to document each transaction in the log book by following the same process outlined above.
7. At the end of a specific time period, such as a month, it is important to reconcile the petty cash or cash funds. This involves comparing the remaining cash on hand with the total value of the receipts and vouchers recorded in the log book. Any discrepancies should be investigated and resolved.

Who needs petty cash or cash:

1. Small businesses often find it necessary to maintain a petty cash or cash fund. This allows them to quickly and conveniently cover minor expenses without having to go through a lengthy reimbursement process.
2. Retail stores or establishments that handle cash transactions on a regular basis may also require a petty cash or cash fund. This can be used to provide change to customers or handle small cash payments.
3. Schools, universities, or other educational institutions may utilize a petty cash or cash fund for various purposes, such as reimbursing teachers for classroom supplies or covering small student-related expenses.

In summary, filling out petty cash or cash involves preparing the necessary materials, documenting the transactions, and reconciling the funds periodically. Petty cash or cash is commonly required by small businesses, retail stores, and educational institutions to efficiently handle small expenses and cash transactions.

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What is petty cash or cash?

Petty cash or cash is a small amount of funds kept on hand by a company to cover minor expenses.

Who is required to file petty cash or cash?

Typically, the person responsible for managing the petty cash fund is required to file petty cash reports.

How to fill out petty cash or cash?

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

What is the purpose of petty cash or cash?

The purpose of petty cash or cash is to provide a quick and convenient way to cover small expenses without needing to use a formal payment method.

What information must be reported on petty cash or cash?

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