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South Dakota Petty Cash Form
Category:
State:
Multi-State
Control #:
US-177-AZ
Format:
Word;
PDF;
Rich Text
Instant download
Description
How to fill out Petty Cash Form?
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FAQ
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...
Definition of Petty Cash Petty Cash is also the title of the general ledger current asset account that reports the amount of the company's petty cash. The amount of petty cash will vary by company and may be in the range of $30 to $300.
What are some typical petty cash expenses?Office supplies.Coffee and snacks.Postage.Fuel and parking for work trips.Reimbursements to employees for small expenses.Any other unpredictable expenses that are too small to write a check for.14-Feb-2020
Petty Cash Account Type 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.
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.
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 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.
