To reimburse petty cash, first collect receipts and documentation for all expenses incurred. Next, prepare a petty cash reimbursement request form detailing the amounts spent and their purposes. Submit this form to the appropriate financial authority or accounting department for approval. Once approved, the funds are replenished by issuing a check or cash to restore the petty cash balance to its original amount.
Involves having a fixed sum of amount ,which will revove for a financial year.
petty
petty cash voucher is released by the handler of the funds to support every payments made. petty cash book contains a summary of all petty cash disbursements, its total and the balance.
The petty cash book which is prepared in columnnor form is called anylatical petty cash book
petty cash book is the book which is used for the purpose of recording the payment of petty cash expenses.
A petty cash receipt is an invoice or receipt for items or services bought out of petty cash. Petty cash is the small amount of cash usually held by businesses for one off small items.
yes. the entry should be: petty cash fund debit cash in bank credit
credit
Assuming you are asking about an "Imprest" Petty Cash account with a nominal balance of $174, an actual cash content of $25, and receipts representing $137 in legitimate purchases, the entry would be something like the following: Debit Expense Accounts (itemized according to nature of receipts): $137Debit Expense Account "Petty Cash Shrinkage" (or whatever it is called in your system): $12Credit Petty Cash: $149Note: Recognize Petty Cash Expense Debit Petty Cash: $149Credit Checking (or wherever you get the cash from): $149Note: Restore Petty Cash to Imprest level ($174) OR the composite equivalent entry: Debit Expense Accounts (itemized according to nature of receipts): $137Debit Expense Account "Petty Cash Shrinkage": $12Credit Checking: $149 Hope this helps
Debit petty cashCredit cash / bank
No.