Georgia Petty Cash Funds are a common financial tool used by organizations and businesses in the state of Georgia that quickly need access to cash for small expenses or unforeseen circumstances. These funds are established to cover daily operating needs without requiring the use of traditional payment methods, such as checks or electronic transfers. The primary purpose of a Georgia Petty Cash Fund is to provide a convenient and efficient way for employees to handle minor expenses, such as office supplies, postage, transportation, or meals, without going through a complex reimbursement process. It allows for immediate transactions and eliminates the need for employees to use their personal funds or credit cards for small purchases. Different types of Georgia Petty Cash Funds are established based on the specific needs and characteristics of the organization. Some common types include: 1. General Petty Cash Fund: This type of fund is the most common and covers a wide range of miscellaneous expenses. It is used by organizations of all sizes and is typically administered at the department level. The fund size may vary depending on the organization's needs and is replenished regularly based on documented expenses. 2. Travel Petty Cash Fund: This fund is specifically designated for covering travel-related expenses, such as fuel, parking fees, tolls, or minor travel incidentals. It is commonly used by businesses or agencies that frequently require their employees to travel for meetings, conferences, or fieldwork. Travel Petty Cash Funds are closely monitored to ensure that expenses are well-documented and aligned with the organization's travel policy. 3. Impress Petty Cash Fund: An Impress Petty Cash Fund is established with a fixed amount of money and is replenished periodically to maintain a constant balance. This fund type is often used to handle small cash transactions in high-volume or fast-paced environments, such as retail stores, cafeterias, or event venues. 4. Emergency Petty Cash Fund: This type of fund is set aside for unexpected or urgent situations where cash is required immediately, such as unforeseen repair or replacement needs. Emergency Petty Cash Funds are typically larger than regular funds and require a higher level of authorization for expenditure. Overall, Georgia Petty Cash Funds play a crucial role in maintaining the smooth operation of organizations by ensuring quick access to cash for daily expenses. These funds are managed responsibly and subject to regular auditing to maintain financial transparency and accountability.
Georgia Petty Cash Funds
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Require that employees maintain a running petty cash log for every transaction, including receipts. Each entry in the petty cash book should include the date, the amount, and what was purchased with the petty cash. Review your petty cash register before you replenish the petty cash fund.
Petty cash funds should be properly secured at all times. Access to the funds should be restricted to one person (e.g., the petty cash custodian or a specified cashier). Cash on hand and receipts for disbursements made should always equal the assigned amount of the petty cash fund.
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.
To establish a petty cash fund, someone must write a check to the petty cash custodian, who cashes the check and keeps the money in a locked file or cash box. The journal entry to record the creation of a petty cash fund appears below.
Petty cash should not to be used as an operating fund, i.e., to pay invoices for goods or services, to pay salaries or wages, or to make advances or loans. In accordance with Policy 1505, the petty cash fund cannot be used to: Purchase goods currently covered by a University negotiated contract.
Dear Sir or Madam (or the name of the finance manager), I am writing this email to ask you for the approval of a petty cash request, for the value of (enter requested amount here). This request is for official purposes only and is necessary for the (explain why you need a petty cash withdrawal).
The Petty Cash System 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.
How to set up a petty cash management systemAppoint someone as petty cash custodian. Only one person at a time should be given responsible for the fund.Fund the account.Secure the funds.Establish policies.Record disbursements.Require receipts.Replenish funds when low.Monitor spending.More items...?
Petty cash provides convenience for small transactions for which issuing a check or a corporate credit card is unreasonable or unacceptable. The small amount of cash that a company considers petty will vary, with many companies keeping between $100 and $500 as a petty cash fund.
A petty cash fund is a small amount of company cash, often kept on hand (e.g., in a locked drawer or box), to pay for minor or incidental expenses, such as office supplies or employee reimbursements. A petty cash fund will undergo periodic reconciliations, with transactions also recorded on the financial statements.
