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Florida Petty Cash Funds
Category:
State:
Multi-State
Control #:
US-178-AZ
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Word;
PDF;
Rich Text
Instant download
Description
How to fill out Petty Cash Funds?
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FAQ
To record Florida Petty Cash Funds in accounting, first recognize the initial fund balance in your cash account. For every transaction, debit the appropriate expense account and credit the petty cash account. After completing a period, perform a reconciliation to ensure that your accounting records align with the actual cash on hand, adjusting entries as necessary.
Recording Florida Petty Cash Funds involves maintaining a petty cash log that details each expenditure along with the date, purpose, and amount spent. Use a petty cash reconciliation process regularly to match your cash balance with recorded transactions. Keep all receipts in one location, as they serve as vital documentation for auditing purposes.
To set up Florida Petty Cash Funds, determine the starting amount, typically ranging from $50 to $500 depending on your organization’s needs. Designate a trusted employee to manage the fund and outline clear policies regarding what expenses it will cover. Complete the necessary forms, such as a petty cash voucher or request, to formalize the setup.
To record entries for Florida Petty Cash Funds, start with an initial cash balance and document every transaction made from this fund. When you spend cash, note the expense category and keep receipts for all purchases. Regularly update your records to reflect the current balance, ensuring the total cash plus receipts equals the original amount.
The primary rule governing Florida Petty Cash Funds is to use them solely for small, incidental expenses. This means that larger purchases should not come from petty cash, keeping the funds streamlined for their intended purpose. Additionally, proper oversight and accountability should be in place to safeguard against misuse or discrepancies.
To manage Florida Petty Cash Funds effectively, establish a clear policy outlining how much cash is held, what it can be used for, and who is responsible for it. Regularly review and reconcile the petty cash to prevent misuse, and ensure that all transactions are documented. Consider using labeled envelopes or logs for each transaction to maintain transparency and order.
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.
Risks of Holding Petty Cash The risks range from operational risk to fraud risk. Some of those risks include: Theft or Misappropriation: The access to the fund could lead to employees borrowing monies for their personal use and attempting to cover it up before the fund is replenished.
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. In accordance with Policy 1505, the petty cash fund cannot be used to: Purchase goods currently covered by a University negotiated contract.
Petty cash provides convenience for small transactions for which issuing a check or a corporate credit card is unreasonable or unacceptable. The small amount of cash that a company considers petty will vary, with many companies keeping between $100 and $500 as a petty cash fund.
