Petty Cash Funds
What this document covers
The Petty Cash Funds form is a business document designed to track and manage small cash transactions within an organization. This form helps to maintain accurate records of petty cash usage, distinguishing it from other financial forms like expense reports or cash flow statements. It is formatted for easy completion in Adobe Acrobat or Word, allowing users to efficiently input necessary information.
Main sections of this form
- Identification of petty cash fund amount
- Date of cash disbursement
- Description of the transaction
- Signature of the individual receiving cash
- Reimbursement request details
- Approval section for management signature
Situations where this form applies
This form is essential for businesses that need to manage minor cash expenses, such as purchasing office supplies, paying for postage, or covering small unforeseen costs. It helps ensure that all cash transactions are logged appropriately, promoting financial accountability and transparency.
Intended users of this form
- Business owners managing petty cash funds
- Accounting staff responsible for financial record-keeping
- Office managers overseeing departmental budgets
- Employees authorized to access petty cash
Completing this form step by step
- Identify the total amount allocated for petty cash.
- Enter the date of each cash disbursement.
- Provide a brief description of what the cash was used for.
- Obtain the signature of the individual receiving the cash.
- Include any receipts for reimbursement with the form.
- Secure management approval by obtaining the required signatures.
Is notarization required?
This form usually doesn’t need to be notarized. However, local laws or specific transactions may require it. Our online notarization service, powered by Notarize, lets you complete it remotely through a secure video session, available 24/7.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Common mistakes to avoid
- Failing to keep receipts for cash spent, leading to incomplete records.
- Not obtaining necessary approvals before cash disbursement.
- Entering incorrect transaction dates, which can cause confusion.
- Neglecting to update the petty cash balance regularly.
Why use this form online
- Convenience of completing and saving the form digitally.
- Editability allows for easy updates to cash transactions.
- Reliable format ensures all necessary components are included.
- Reduces paper usage and helps maintain an organized record.
Main things to remember
- The Petty Cash Funds form is crucial for tracking small business expenses.
- Proper completion ensures financial accountability within an organization.
- It is adaptable for use across various jurisdictions.
- Maintaining accurate petty cash records can help prevent financial discrepancies.
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FAQ
Examples of Cash In accounting, a company's cash includes the following: currency and coins.petty cash.
An imprest is a cash account that a business relies on to pay for routine, small expenses.The term "imprest" can also mean a monetary advance that is given to a person for a specific purpose.
Petty cash is a small amount of cash that is kept on the company premises to pay for minor cash needs. Examples of these payments are office supplies, cards, flowers, and so forth.A separate accounting system is used to track petty cash transactions.
The difference between cash and petty cash is that petty cash is the money that you keep on hand to make small payments where you do not want to use a check or credit card, while cash on hand is any accessible cash.
When petty cash is used for business expenses, the appropriate expense account -- such as office supplies or employee reimbursement -- should be expensed.
You reconcile petty cash by comparing the total of the original amount of cash placed in the drawer with the total cash remaining and records of total cash withdrawn.
Petty cash works on the imprest system, in which there is an initial amount of money put into an account, which is drawn upon for a specific purpose (in this case, petty cash). When the account goes below a certain specified amount, the system is replenished.
How much petty cash should you keep on hand? That depends on how many small expenses you make and how often you make them, but most businesses seem fine carrying between $100 and $200 in petty cash.
Petty cash, also known as imprest cash, is a fund established for making small payments that are impractical to pay by check. Examples include postage due, reimbursement to employees for small purchases of office supplies, and numerous similar items.
