Delaware Petty Cash Journal
Description
How to fill out Petty Cash Journal?
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FAQ
The four steps to do petty cash accounting and recording are:Establish Petty Cash Policy & Procedures. The first thing you need to do is document your petty cash procedures and communicate them to all employees.Set Up a Petty Cash Log.Create Journal Entries to Record Petty Cash.Reconcile the Petty Cash Account.01-Aug-2018
Journal entry for putting money into the petty cash fund 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. Then, create another journal entry debiting the Petty Cash account and crediting the Cash account.
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 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.
Petty Cash is prepared just like a simple cash book having the debit and credit sides. Amount received from the head cashier is recorded on the debit side, whereas the payments are recorded on the credit side. Petty Cash Book is prepared to make a record of petty expenses.
Some examples of small payments made from petty cash include: Paying the mail carrier 30 cents for the postage due on a letter. Reimbursing an employee $9 for supplies purchased. Reimbursing an employee for purchasing $14 of bakery goods for an early morning meeting.
The procedure for petty cash funding is outlined below:Complete reconciliation form. Complete a petty cash reconciliation form, in which the petty cash custodian lists the remaining cash on hand, vouchers issued, and any overage or underage.Obtain cash.Add cash to petty cash fund.Record vouchers in general ledger.
There are two primary types of entries in the petty cash book, which are a debit to record cash received by the petty cash clerk (usually in a single block of cash at infrequent intervals), and a large number of credits to reflect cash withdrawals from the petty cash fund.
The four steps to do petty cash accounting and recording are:Establish Petty Cash Policy & Procedures. The first thing you need to do is document your petty cash procedures and communicate them to all employees.Set Up a Petty Cash Log.Create Journal Entries to Record Petty Cash.Reconcile the Petty Cash Account.01-Aug-2018
