California Petty Cash Journal
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How to fill out Petty Cash Journal?
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FAQ
Sample Petty Cash Book (Columnar) The petty cash clerk also turns in a copy of his or her petty cash book to the general ledger accountant or cashier, who creates a journal entry to record how the cash in the petty cash drawer was used.
We will not use the petty cash in a journal entry again unless we are changing this original amount. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. Thus, using a petty cash fund avoids the need for making many entries for small amounts.
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.
What is a simple petty cash book? A simple petty cash book is just like the main cash book. Cash received by the petty cashier is recorded on the debit side, and all payments for petty expenses are recorded on the credit side in one column.
The most common accountancy approach used to manage petty cash is the 'imprest' system. This involves an employee being given the role of 'custodian' and made responsible for managing the petty cash. The cash is usually kept in a money box within the office.
A cash book is both a ledger and also a journal. The book is for all the cash transactions required for a company since this performs the function of both the ledger and journal. The cash book records all the cash receipts on the debit side and all the cash payments of the company on the credit side.
When a petty cash fund is in use, petty cash transactions are still recorded on financial statements. No accounting journal entries are made when purchases are made using petty cash, it's only when the custodian needs more cashand in exchange for the receipts, receives new fundsthat the journal entries are recorded.
The petty cash amount may appear as the first or second item listed in the current asset section of the balance sheet. However, the petty cash amount might be combined with the balances in the other cash accounts and their total reported as Cash or as Cash and cash equivalents as the first current asset.
It is journal as cash transactions are chronologically recorded in it. It is a ledger as it contains a classified record of all cash transactions. The balances of the cash book are recorded in the trial balance and the balance sheet.
Petty cash appears within the current assets section of the balance sheet. This is because line items in the balance sheet are sorted in their order of liquidity. Since petty cash is highly liquid, it appears near the top of the balance sheet.
