Louisiana Petty Cash Journal
Description
How to fill out Petty Cash Journal?
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FAQ
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.
Create a petty cash account in the Account windowFrom the Account Type dropdown25bc, choose Bank.From the Detail Type dropdown25bc, choose Cash on hand.Enter Petty Cash for the account name.The opening balance will be created when you move money from the checking account by writing a check or transferring funds.More items...?
Petty cash is a current asset and should be listed as a debit on the company balance sheet. To initially fund a petty cash account, the accountant should write a check made out to "Petty Cash" for the desired amount of cash to keep on hand and then cash the check at the company's bank.
Recording petty cash transactionsCreate new a bank account to represent your petty cash balance.Enter an opening balance to show the current balance of your petty cash.Record payments made from your petty cash.Record a transfer of money to top up the petty cash account.
A petty cash management system helps companies ensure that the funds are used appropriately and the transactions are properly documented. Having such a system in place serves as an internal control to protect the business against theft and fraud, and it supports the larger, general ledger reconciliation process.
Replenishing Petty Cash To determine which accounts to debit, an employee summarizes the petty cash vouchers according to the reasons for expenditure. The journal entry to record replenishing the fund would debit the various accounts indicated by the summary and credit Cash.
Replenishing the petty cash fund means the petty cash custodian requests and receives cash from the company's regular checking account in an amount that will return the cash on hand to the amount shown in the general ledger account Petty Cash.
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 purpose of a petty cash fund is to provide business units with sufficient cash to cover minor expenditures. The intent is to simplify the reimbursement of staff members and visitors for small expenses that generally do not Exceed $25.00, such as taxi fares, postage, office supplies, etc.
A petty cash fund is a small amount of company cash, often kept on hand (e.g., in a locked drawer or box), to pay for minor or incidental expenses, such as office supplies or employee reimbursements. A petty cash fund will undergo periodic reconciliations, with transactions also recorded on the financial statements.
