No, petty cash is a control account not an expenditure account.
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
The major controls over petty cash are the control over safekeeping, approval for disbursement and recociliation.
An Imprest system of petty cash is used for more control over cash in hand. In an Imprest system, the amount in hand plus the amount of all receipts should be equal to petty cash balance. If at any time cash in hand and receipts do not equal the fixed amount of petty cash, then investigation should be done about the discrepancy.
petty
Petty cash is also called cash-in- hand as opposed to cash- at- bank. Where there is good system of internal control eg. petty cash float is established and maintained and occasional surprise csh count is undertaken a presponsible person, the possibility misapropriation of funds is rather very remote.
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.
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.
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.
yes. the entry should be: petty cash fund debit cash in bank credit
credit