Get Petty Cash Replenishment

A petty cash receipt must be completed to document the disbursement of cash. The receipt should show amount withdrawn, the purpose, the date, account to be charged, a signature of receiving individual and custodian signature of approval.

Replenish Petty Cash A check for cash is prepared in an amount to bring the fund back up to the original level. The check is cashed and the proceeds are placed in the petty cash box. At the same time, receipts are removed from the petty cash box and formally recorded as expenses.

Replenish means to return the amount of actual cash in the petty cash box back to the amount appearing in the general ledger account Petty Cash. This is done whenever the amount of actual cash in the petty cash box is low and at the end of each accounting period.

When the fund is replenished, the credit to Cash is for the difference between the established amount and the actual cash in the fund. We would debit all vouchered items. Any discrepancy should be debited or credited to an account called Cash Over and Short.

A request by the petty cash custodian for a company check in order to return the amount of currency and coins in the petty cash box to the amount shown in the general ledger account.

To replenish a Petty Cash Fund, a custodian must do the following: Create an unencumbered voucher in myUF Marketplace using the UF HR Toolkit – Creating a Check Request for an Unencumbered Payment. The voucher should be payable to the custodian using the associated supplier ID number.

Petty Cash is a loan from Banking & Merchant Services, which means the money spent must be replenished at least once to bring the Petty Cash Fund back to its authorized balance.

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.