Maine Petty Cash Funds are designated amounts of cash set aside by organizations or businesses to cover small, routine expenses that occur on a regular basis. These funds are typically managed by a specific individual, known as the petty cash custodian, who is responsible for disbursing the cash and maintaining records of all transactions. The purpose of Maine Petty Cash Funds is to provide a convenient and efficient way to pay for minor expenditures without the need for formal financial processes or requisitioning. It allows for the quick payment of small expenses, such as office supplies, postage, transportation expenses, minor repairs, and emergency purchases, to name a few. There are different types of Maine Petty Cash Funds that businesses or organizations may establish based on their specific needs. Some common types include: 1. General Petty Cash Fund: This type of fund is the most common and covers various minor expenses across different departments within an organization. It is often used for expenses incurred on a day-to-day basis. 2. Departmental Petty Cash Fund: In larger organizations, several departments may have their own designated petty cash funds to manage their specific expenses. Each fund may have a separate custodian responsible for maintaining and disbursing cash within their department. 3. Impress Petty Cash Fund: An impress fund is a fixed amount of cash that is replenished regularly. The initial amount is determined based on the expected expenses within a given period. Once the cash in the fund is depleted, it is replenished back to the original amount. 4. Special Event Petty Cash Fund: This type of fund is established specifically for a particular event or occasion. It is used to cover expenses related to event planning, decorations, refreshments, or any other expenses incurred during the event. To ensure proper management and accountability, Maine Petty Cash Funds typically have predefined procedures in place. These procedures outline the maximum amount that can be disbursed per transaction, the frequency of reconciliation, and the documentation required for each expenditure. In summary, Maine Petty Cash Funds are designated amounts of cash set aside to cover small, routine expenses. They provide a convenient way for organizations to handle minor expenditures efficiently. By creating different types of petty cash funds, organizations can better manage departmental expenses, special events, and maintain accuracy in budgeting and record-keeping.
Maine Petty Cash Funds
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FAQ
A revolving fund is a fund or account that remains available to finance an organization's continuing operations without any fiscal year limitation, because the organization replenishes the fund by repaying money used from the account. Revolving funds have been used to support both government and non-profit operations.
To set up a petty cash system, the initial amount of money comes from the business checking account. Employees take money from the petty cash account, recording each transaction with date, amount, vendor (who was paid), and business purpose.
The purpose of a petty cash fund is to provide business units with sufficient cash to cover minor expenditures. The intent is to simplify the reimbursement of staff members and visitors for small expenses that generally do not Exceed $25.00, such as taxi fares, postage, office supplies, etc.
Examples of the items that may be paid for from the petty cash fund are flowers, food, office postage, presents, supplies, and taxi charges. There may be a petty cash fund in each major department of a company, so that local cash needs can be more readily met.
Definition of revolving fund : a fund set up for specified purposes with the proviso that repayments to the fund may be used again for these purposes.
The purpose of a Petty Cash Fund is to allow for the reimbursement or purchase of minor, small-dollar (less than $100), unanticipated business expenses, where the use of alternative means is neither feasible nor cost effective.
What Is Petty Cash? 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.
Petty cash funds include change funds, revolving funds and stamp funds, or any sum of money or other resources set aside for the specific purpose of minor disbursements, making change or other similar uses.
Is Petty Cash a Cash Equivalent? No. Petty cash is actual cash money: bills and coins. Cash equivalents are highly liquid securities and other assets that can be easily converted into cash: money market funds, commercial paper, or short-term debt, like Treasury bills.
Petty cash is a current asset and should be listed as a debit on the company balance sheet.
