Colorado Petty Cash Journal
Description
How to fill out Petty Cash Journal?
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FAQ
A petty cash fund can be used for office supplies, cards for customers, flowers, paying for a catered lunch for employees, or reimbursing employees for expenses. Petty cash's main advantages are that it's quick, convenient, and easy to understand and use.
The petty cash fund is a special fund set up to pay for minor expenses with cash instead of paying by cheque (e.g. tea and coffee, fares, stamps). It is always replenished to the imprest amount.
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.
They provide important information that are used by auditors to analyze how financial transactions impact a business. The journalized entries are then posted to the general ledger.
The petty cash journal contains a summarization of the payments from a petty cash fund. The totals in the journal are then used as the basis for a journal entry into a company's general ledger. This journal entry lists petty cash expenditures by expense type.
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.
The lines on a JE tell us what is being done: moving an expense from one SpeedType to another or completing a cash transfer. The header is the explanation for why this transaction is necessary.
A petty cash book is created to facilitate small payments in a business or organization. It caters for items such as postage and stamps, bus fare and stationery. It is meant to meet the day-to-day expenses and is entrusted in the hands of a petty cashier.
A petty cash account is an imprest account, so it is only debited when the fund is initially established or increased in amount. Transactions to replenish the account involve a debit to the expenses and a credit to the cash account (e.g., bank account).
The journal entry that needs to be recorded is a debit (increase) to the petty cash fund and a credit (decrease) to the business checking account. Withdrawals made to the petty cash fund will be recorded as expenses.
