Michigan Petty Cash Journal
Description
How to fill out Petty Cash Journal?
You have the ability to invest hours online searching for the legal document template that meets the federal and state requirements you need.
US Legal Forms provides numerous legal forms that are reviewed by experts.
You can easily download or create the Michigan Petty Cash Journal from the service.
If available, use the Preview button to view the document template as well. In order to obtain another version of the form, use the Search section to find the template that suits your needs. Once you have found the template you wish to purchase, click Buy now to proceed. Choose the pricing plan you want, enter your credentials, and register for your account on US Legal Forms. Complete the purchase. You can use your credit card or PayPal account to pay for the legal form. Select the format of the document and download it to your device. Make changes to your document if necessary. You can complete, edit, sign, and print the Michigan Petty Cash Journal. Download and print a variety of document templates using the US Legal Forms site, which offers the largest collection of legal forms. Utilize professional and state-specific templates to address your business or personal needs.
- If you already possess a US Legal Forms account, you may Log In and click on the Download button.
- After that, you can complete, edit, print, or sign the Michigan Petty Cash Journal.
- Every legal document template you download is yours permanently.
- To obtain another copy of any downloaded form, go to the My documents tab and click on the relevant button.
- If you are using the US Legal Forms site for the first time, follow the simple instructions below.
- First, ensure you have selected the correct document template for the county/area of your choice.
- Review the form details to ensure you have selected the right form.
Form popularity
FAQ
Require that employees maintain a running petty cash log for every transaction, including receipts. Each entry in the petty cash book should include the date, the amount, and what was purchased with the petty cash. Review your petty cash register before you replenish the petty cash fund.
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.
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.
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.
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.
Petty cash appears within the current assets section of the balance sheet. This is because line items in the balance sheet are sorted in their order of liquidity. Since petty cash is highly liquid, it appears near the top of the balance sheet.
How to set up a petty cash management systemAppoint someone as petty cash custodian. Only one person at a time should be given responsible for the fund.Fund the account.Secure the funds.Establish policies.Record disbursements.Require receipts.Replenish funds when low.Monitor spending.More items...?
Petty cash is stored in a petty cash drawer or box near where it is most needed. There may be several petty cash locations in a larger business, probably one per building or even one per department. A separate accounting system is used to track petty cash transactions.
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.
Petty cash funds may not be deposited into personal bank accounts or commingled with other funds.Departments may not establish bank accounts for petty cash funds.Purchases of goods and services for more than $100 should not be made with petty cash.Petty cash funds may not be expended for:
