Get the free BPetty Cashb Fund bReconciliationb Middle Tennessee State University bb - mtsu

Petty Cash Fund Reconciliation Middle Tennessee State University Department Date: Authorized Petty Cash Fund Amount $ Cash on Hand $ Reimbursement Request Amount $ Total Petty Cash Account For *Over

How to fill out bpetty cashb fund breconciliationb

How to fill out petty cash fund reconciliation?

1. Start by gathering all the necessary documentation related to the petty cash fund, including receipts, vouchers, and any other records of cash transactions.
2. Take the opening balance of the petty cash fund from the previous reconciliation statement. This should be the ending balance of the previous period.
3. Compare the opening balance with the physical cash on hand. Count the cash and ensure it matches the opening balance. Any discrepancies should be investigated and resolved before proceeding.
4. Review each receipt or voucher against the petty cash log to ensure that all expenses are properly documented and accounted for. Verify that each expense is supported by a valid receipt or voucher.
5. Calculate the total of all expenses for the current period by adding up the amounts on each receipt or voucher.
6. Subtract the total expenses from the opening balance to determine the adjusted cash balance.
7. Count the cash on hand at the end of the period and compare it to the adjusted cash balance. They should match if all transactions have been properly recorded.
8. If there is any cash shortage or overage, investigate the reasons behind it. Look for any errors or discrepancies in the petty cash log or in the supporting documentation.
9. Prepare a petty cash reconciliation statement that includes the opening balance, total expenses, adjusted cash balance, ending cash balance, and any explanations or notes regarding discrepancies.
10. Reconcile the ending cash balance with the physical cash on hand, ensuring they match. This will be the opening balance for the next reconciliation period.

Who needs petty cash fund reconciliation?

1. Businesses: Businesses of all sizes that maintain a petty cash fund need to perform regular reconciliations to ensure accurate financial records.
2. Accountants: Accountants or bookkeepers responsible for maintaining the petty cash funds and recording transactions need to complete the reconciliation process to ensure accuracy.
3. Managers: Managers or supervisors who oversee the petty cash funds and approve expenses should also be involved in the reconciliation process to verify the accuracy of the records.
4. Auditors: Auditors reviewing the financial statements of a company will often examine the petty cash fund and its reconciliation statements to assess the integrity of the accounting practices.
5. Financial Institutions: In some cases, financial institutions may require businesses to provide petty cash fund reconciliation statements as a part of the banking relationship.

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What is bpetty cashb fund breconciliationb?

Petty cash fund reconciliation is the process of verifying the accuracy of the petty cash account by comparing the recorded transactions with the actual cash on hand.

Who is required to file bpetty cashb fund breconciliationb?

Typically, businesses or organizations that use a petty cash fund are required to perform and file petty cash fund reconciliation.

How to fill out bpetty cashb fund breconciliationb?

To fill out a petty cash fund reconciliation, you need to gather all petty cash receipts, count the cash on hand, record any discrepancies, and reconcile the differences.

What is the purpose of bpetty cashb fund breconciliationb?

The purpose of petty cash fund reconciliation is to ensure that the petty cash account is accurately maintained, prevent fraud or misappropriation, and track small expenses effectively.

What information must be reported on bpetty cashb fund breconciliationb?

The information reported on a petty cash fund reconciliation includes the date, amount, purpose of expenditure, receipt number, and any discrepancies found.