Alaska Petty Cash Journal
Description
How to fill out Petty Cash Journal?
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FAQ
Petty cash refers to a small amount of currency and coins that a company uses to pay small amounts without writing a check. The amount of petty cash (also known as the petty cash fund) varies by company or organization.
Recording petty cash transactionsCreate new a bank account to represent your petty cash balance.Enter an opening balance to show the current balance of your petty cash.Record payments made from your petty cash.Record a transfer of money to top up the petty cash account.17-Mar-2022
Understand appropriate uses of petty cash. Petty cash should not to be used as an operating fund, i.e., to pay invoices for goods or services, to pay salaries or wages, or to make advances or loans.
What Is Petty Cash? A petty cash fund is a small amount of company cash, often kept on hand (e.g., in a locked drawer or box), to pay for minor or incidental expenses, such as office supplies or employee reimbursements.
A petty cash is a cash book used to enter all small or petty expenses obtained. For example tea, Xerox copy etc. The petty cash book is to enter how the cash available for daily expenses are spent for example milk, tea, taxi charges and postage.
Journal entry for putting money into the petty cash fund The entry must show an increase in your Petty Cash account and a decrease in your Cash account. To show this, debit your Petty Cash account and credit your Cash account. When the petty cash fund gets too low, you must refill it to its set amount.
Key Concepts and Summary. The purpose of a petty cash fund is to make payments for small amounts that are immaterial, such as postage, minor repairs, or day-to-day supplies. A petty cash account is an imprest account, so it is only debited when the fund is initially established or increased in amount.
Petty cash is a current asset and should be listed as a debit on the company balance sheet. To initially fund a petty cash account, the accountant should write a check made out to "Petty Cash" for the desired amount of cash to keep on hand and then cash the check at the company's bank.
A credit card receipt can be used as evidence for a disbursement of funds from petty cash.
The petty cash fund can be operated in the two ways: ordinary and imprest system of petty cash fund.
