Kentucky Petty Cash Vouchers
Description
How to fill out Petty Cash Vouchers?
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FAQ
The payment voucher must be serially numbered. Amount should be written both in figures and words. Proper account heads should be debited. Cash account should be credited if the payment is made by cash.
Cash Voucher These vouchers get prepared by a firm solely for cash transactions like receipts and payments. It can be a Debit Voucher that a firm prepares only for cash payments to suppliers or vendors to purchase raw materials and semi-finished goods for production, purchase of assets or payments of expenses.
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 custodian of petty cash should sign the receipt to indicate that he authorized the funds. However, you should also have the recipient sign the receipt. This makes it easier to follow the paper trail if there is a dispute about the amount dispensed from petty cash or the purpose for which it was used.
Given the uses just noted for the petty cash voucher, the information on it should contain the amount of cash taken, the date on which the cash was taken, the name of the person who took the cash, the initials of the person dispensing the cash, and the type of expense to be charged.
Helpful ToolsNo.Date Enter the date that the petty cash receipt is prepared.Pay To Enter the name of the payee who received the petty cash disbursement.$ (Dollar Amount) Enter the total amount of the payment.Description Enter a brief, but specific explanation of what the funds were used for.More items...
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.
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.
A petty cash book is generally maintained on a columnar basis - a separate column being allotted for each type of expenditure. The is only one money column on the debit side and all sum received from time to time by the petty cashier from the chief cashier are entered in it.
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.
