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POLICY STATEMENT PETTY CASH Fund-raised May 2007Petty cash funds are set up at predetermined locations to be used for minor expenditures. These funds should be used sparingly. Policy Petty cash funds
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01
To fill out petty cash funds, follow these steps:
02
Determine the initial amount of the petty cash fund.
03
Create a petty cash log or spreadsheet to record all transactions.
04
Assign a custodian who will be responsible for managing the fund.
05
Keep the petty cash fund in a secure location.
06
Establish a reimbursement process and policy.
07
Require employees to submit expense receipts for reimbursement.
08
Verify the validity of each expense before reimbursing.
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Maintain a proper record of all transactions made from the petty cash fund.
10
Replenish the petty cash fund periodically to ensure availability of funds.
11
Conduct regular audits to ensure accuracy and accountability.

Who needs petty cash funds are?

01
Petty cash funds are typically needed by businesses or organizations that frequently require small cash purchases or reimbursements.
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Common examples of entities that may need petty cash funds are:
03
- Retail stores for giving change to customers
04
- Restaurants for small cash purchases like office supplies
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- Schools for small expenses like field trips or student activities
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- Non-profit organizations for miscellaneous cash needs
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- Any business that frequently deals with small cash transactions and reimbursements.

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Petty cash funds are a small amount of cash kept on hand by a company for minor expenses.
Petty cash funds are typically managed by designated employees or departments within a company.
Petty cash funds are filled out by documenting each expenditure, noting the purpose and amount spent.
The purpose of petty cash funds is to provide a convenient way to pay for small, everyday expenses.
Information reported on petty cash funds includes date, amount spent, purpose of expenditure, and recipient (if applicable).
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