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This document outlines the policies and procedures for handling petty cash funds within the Greater Toronto Transportation Authority, ensuring accountability and proper management of public funds.

How to fill out petty cash policy

How to fill out Petty Cash Policy

1. Identify the purpose of the petty cash fund.
2. Determine the initial amount to be allocated.
3. Designate a custodian responsible for managing the fund.
4. Create a petty cash request form for expenses.
5. Establish guidelines for what expenses can be reimbursed.
6. Define the process for reconciliation and replenishment of the fund.
7. Set a limit for cash advances and document approvals.

Who needs Petty Cash Policy?

1. Businesses with frequent small cash transactions.
2. Departments needing quick access to funds for minor expenses.
3. Employees responsible for managing cash transactions.
4. Organizations aiming for better control and tracking of petty cash usage.

People Also Ask about

What is the basic petty cash procedure?

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.

What is the limit of petty cash per day?

ing to the law, you cannot make payments in excess of ₹ 10,000 in cash in a day. Such expenses cannot be deducted from your business income.

What are the policies of petty cash?

The procedures to handle petty cash include: Establish a fund and assign responsibility to manage it. Record transactions in a log with the date, amount, purpose, and recipient. Document the receipts for every transaction. Procure funds every month to ensure that the balance matches the total.

What is the rule for petty cash?

Petty cash funds must be closed out and reconciled at the end of each fiscal year. Cash can only be reimbursed by the Controller's Office when supported by receipts. Travel advances, meals, mileage, or other travel related expenditures cannot be reimbursed using a petty cash fund.

What is the petty cash imprest policy?

It involves maintaining a fixed amount of money, known as the Imprest fund, to cover these expenses. The petty cash fund is replenished periodically to maintain the fixed amount, ensuring that there is always enough cash available for day-to-day needs.

What is petty cash in English?

The English word "petty" derives from the French petit, which means "small" or "little." Likewise, "petty" means minor or insignificant. So petty cash refers to a small sum of money set aside for trifling or little purchases, as opposed to major expenses or bills.

For pdfFiller’s FAQs

What is Petty Cash Policy?

Petty Cash Policy is a set of guidelines governing the management, use, and documentation of petty cash funds within an organization.

Who is required to file Petty Cash Policy?

Employees who handle or request petty cash funds are required to file the Petty Cash Policy as part of their financial responsibilities.

How to fill out Petty Cash Policy?

To fill out the Petty Cash Policy, an employee should complete a petty cash voucher with details such as the purpose of the expense, the amount requested, and obtain necessary approvals before obtaining funds.

What is the purpose of Petty Cash Policy?

The purpose of Petty Cash Policy is to ensure secure and efficient management of small cash transactions, minimize fraud, and maintain accurate financial records.

What information must be reported on Petty Cash Policy?

The information that must be reported on Petty Cash Policy includes the date, amount, purpose of the expenditure, and the signature of the person receiving the funds.