Petty Cash

Petty Cash paticash 1 Proper documentation One of the primary challenges of managing petty cash in accounting is ensuring proper documentation of all transactions paticash Introduction Petty cash is a nominal sum which is preserved in hand to cover minor expenses, such as reimbursements or other office-related expenses

paticash Any time a member of your team takes some petty cash for a purchase, they should record it in the log book with details about how much was taken

paticash It is prepared by two methods: Ordinary system: In this case, a fixed sum of money is paid to petty cashier for the payment of petty expenses and after spending As the petty cash is used and the fund diminishes, it is replenished to the original fixed amount This is typically done by submitting the recorded expenses