Nevada Petty Cash Journal
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How to fill out Petty Cash Journal?
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FAQ
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.17-May-2017
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.
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.
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.
How do I set up a proper petty cash system?Step 1: Get a lockbox or cash register.Step 2: Choose a petty cash custodian.Step 3: Set an initial amount, a replenishment threshold, and a withdrawal limit.Step 4: Go to an ATM, or write a check to petty cash.Step 5: Create a petty cash log.More items...?
The initial petty cash journal entry is a debit to the petty cash account and a credit to the cash account. The petty cash custodian then disburses petty cash from the fund in exchange for receipts related to whatever the expenditure may be.
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.
Some examples of small payments made from petty cash include: Paying the mail carrier 30 cents for the postage due on a letter. Reimbursing an employee $9 for supplies purchased. Reimbursing an employee for purchasing $14 of bakery goods for an early morning meeting.
The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. The cashier creates a journal entry to record the petty cash receipts.
Helpful ToolsNo.Date Enter the date that the petty cash receipt is prepared.Pay To Enter the name of the payee who received the petty cash disbursement.$ (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...
