Hello viewers, I am showing to how to make a petty cash expenses report format. lets go...
Make a list of expenditures from the petty cash account as you make them. Attached to that list should be receipts for each expenditure. ...
Replenish the petty cash fund back to the approved amount as needed. Be sure and make your journal transactions from the source documents first.
The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. The petty cash custodian refills the petty cash
drawer or box, which should now contain the original amount of cash that was designated for the fund. The cashier creates a journal entry to record the petty cash receipts
A petty cash book is a ledger kept with the petty cash fund to record amounts that are added to or subtracted from its balance.
Petty cash should be part of an overall business accounting system that documents how your business moves funds between one account and another and how it spends its money.
Petty cash works on the imprest system, in which there is an initial amount of money put into an account, which is drawn upon for a
specific purpose (in this case, petty cash). When the account goes below a certain specified amount, the system is replenished.
Petty cash book helps in making the main cash book more informative, clean and clear by including only major transactions. Petty cash book helps in making the records of cash transactions up-to-date because of division of labor in recording cash transactions.
Cash book is prepared by Accountant of business. A cash book is set up as a ledger in which all cash transactions are recorded according to date. It is a book of original entry and final entry.
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