Montana Petty Cash Journal
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FAQ
The petty cash amount may appear as the first or second item listed in the current asset section of the balance sheet. However, the petty cash amount might be combined with the balances in the other cash accounts and their total reported as Cash or as Cash and cash equivalents as the first current asset.
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.
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.
When replenishing the petty cash fund, you may have overages or shortages. If there are shortages, you will record it like an expense when you replenish the fund. A debit to cash over and short is made for the shortage and a credit to cash is made. If there is an overage, record it when you replenish the fund.
What is the Petty Cash Journal? The petty cash journal contains a summarization of the payments from a petty cash fund. The totals in the journal are then used as the basis for a journal entry into a company's general ledger. This journal entry lists petty cash expenditures by expense type.
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.
Journal entry for putting money into the petty cash fund The entry must show an increase in your Petty Cash account and a decrease in your Cash account. 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.
A payments book or Payments Journal is a record of all the transactions from a particular source i.e. one payments journal for each bank account, one for cash payments, one for petty cash account, one for any contra or barter accounts.
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.
We will not use the petty cash in a journal entry again unless we are changing this original amount. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. Thus, using a petty cash fund avoids the need for making many entries for small amounts.
