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PETTY CASH ACTION Forepart I ESTABLISH Understatement of Purpose: ___ ______ ___ Department Allocation of Funds (Room# and Building)___ ___ Amount Requested Fund/Cost Center/WBSEResearch Account:
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Establishing a petty cash involves setting up a small fund of cash for minor expenses that do not require writing a check or using a credit card.
Organizations or businesses that manage operational expenses and anticipate needing cash for small purchases are required to establish petty cash.
To fill out establishing a petty cash, a form must be prepared that outlines the amount of cash to be set aside, the purpose of the fund, and who will manage it.
The purpose of establishing a petty cash is to facilitate quick and easy access to small amounts of cash needed for minor expenditures.
Information that must be reported includes the total amount of the petty cash, the custodian of the fund, and a summary of how the funds will be used.
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