Get the free Change Fund and Petty Cash

CHANGE FUND/PETTY CASH ACTION FORM Business Office Idaho.cc 208.562.3500 phone 208.562.3535 fax MS 1000 PO Box 3010 Nampa, ID 83653 www.cwidaho.ccType of Request I. Establish (complete sections 13)Close

How to fill out change fund and petty

How to fill out change fund and petty

1. To fill out the change fund, follow these steps:
2. Count the current balance of the change fund.
3. Determine the amount of change needed for the upcoming period.
4. Calculate the difference between the desired ending balance and the current balance of the change fund.
5. Obtain the necessary denominations of coins and bills to meet the calculated difference.
6. Add the obtained change to the current balance of the change fund.
7. Record the details of the change fund transaction in the appropriate log or ledger.
8. Verify the accuracy of the balance by counting the contents of the change fund and comparing it to the recorded amount.
9. To fill out petty cash, follow these steps:
10. Determine the opening balance of the petty cash fund.
11. Collect all the receipts or vouchers for expenses that are eligible for reimbursement from the petty cash fund.
12. Verify the authenticity and validity of each receipt or voucher.
13. Assign appropriate account codes and descriptions to each expense.
14. Summarize the total of all eligible expenses.
15. Calculate the remaining balance of the petty cash fund by subtracting the total expenses from the opening balance.
16. Record the details of the expenses and the closing balance in the petty cash log or ledger.
17. Replenish the petty cash fund by transferring funds from the main cash account or through a reimbursement process.
18. Verify the accuracy of the recorded expenses and closing balance by reconciling them with the actual contents of the petty cash fund.

Who needs change fund and petty?

1. Change fund and petty cash are typically needed by businesses and organizations that deal with cash transactions on a regular basis.
2. Retail stores, restaurants, supermarkets, and other establishments that handle customer payments in cash often require a change fund to provide customers with the appropriate change.
3. Petty cash funds are commonly used in workplaces to cover small, everyday expenses that do not warrant formal reimbursement processes.
4. Employees who frequently make small purchases on behalf of the company or need cash for miscellaneous expenses might utilize petty cash funds.
5. Overall, change fund and petty cash help facilitate smooth cash transactions, manage small expenses, and maintain financial control within an organization.

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What is change fund and petty?

Change fund is a fund used for providing change to customers, while Petty cash is a small amount of cash kept on hand for minor expenses.

Who is required to file change fund and petty?

Employees who are responsible for managing the change fund and petty cash are required to file them.

How to fill out change fund and petty?

Change fund and petty can be filled out by recording all transactions accurately and keeping track of all receipts.

What is the purpose of change fund and petty?

The purpose of change fund and petty is to ensure that there is enough cash on hand to provide change to customers and cover small expenses.

What information must be reported on change fund and petty?

Information such as date, amount, purpose of expense, and recipient must be reported on change fund and petty.