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Petty cash Module1 P a g table of Content Petty cash Module 1. Process Flow & Description32. Roles & Responsibility of various stakeholders133. Service Level Agreement134. Approval Matrix135. Troubleshooting

How to fill out petty cash module

How to fill out petty cash module:

1. Prepare the necessary forms: Start by obtaining the petty cash voucher or request form. This form is typically used to document the purpose of the expense, the amount spent, and the date of the transaction. Make sure you have enough copies of this form to keep track of multiple transactions.
2. Determine the starting amount: Before any expenses are made, count the cash that is initially placed in the petty cash module. This amount is often referred to as the "imprest amount" and is predetermined. Ensure that the starting amount matches the authorized imprest amount.
3. Record the expenses: As expenditures are made from the petty cash module, fill out the petty cash voucher or request form for each transaction. Include details such as the date, the amount spent, the purpose of the expense, and any additional notes that may be necessary.
4. Obtain necessary approvals: Depending on your organization's policies, you may need to get approval for certain expenses. Ensure that the appropriate personnel review and sign off on each petty cash voucher or request form to maintain accountability.
5. Replenish the module: When the cash in the petty cash module runs low, it is time to replenish it. Take the total amount of expenses recorded on the vouchers and request reimbursement from the designated department or individual responsible for replenishing petty cash. Remember to submit all the necessary documentation to support the expenses.

Who needs petty cash module:

1. Small businesses: Petty cash modules are often used by small businesses to handle small day-to-day expenditures quickly and efficiently. This can include expenses such as office supplies, minor repairs, or employee reimbursements.
2. Retail stores: In retail environments, petty cash modules are useful for handling small cash transactions like giving change to customers or covering any sudden cash discrepancies.
3. Hospitality industry: Hotels, restaurants, and other businesses in the hospitality industry often use petty cash modules to cover minor expenses like tips, taxi fares, or small purchases for guests.
4. Non-profit organizations: Petty cash modules can be beneficial for non-profit organizations when conducting smaller transactions related to their operations, such as purchasing event supplies or reimbursing volunteers for transportation expenses.

Overall, any organization that frequently deals with small cash transactions and wants a streamlined approach to handle these expenses can benefit from utilizing a petty cash module.

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What is petty cash module?

Petty cash module is a system used by businesses to track small, everyday expenses that are paid for with cash.

Who is required to file petty cash module?

Any business that uses petty cash to cover minor expenses is required to file a petty cash module.

How to fill out petty cash module?

Petty cash module can be filled out by recording details of each cash transaction, including the date, amount, purpose, and recipient of the funds.

What is the purpose of petty cash module?

The purpose of petty cash module is to accurately track and manage small cash expenses in a business.

What information must be reported on petty cash module?

The information reported on a petty cash module typically includes details of each cash transaction, such as date, amount, purpose, and recipient.