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Nevada Petty Cash Funds
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Multi-State
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US-178-AZ
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How to fill out Petty Cash Funds?
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FAQ
How to Set Up a Petty Cash Management SystemAppoint a Custodian.Fund the Account.Secure the Funds.Establish Policies.Record Disbursements.Require Receipts.Replenish Funds When Low.Monitor Spending.More items...?
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 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.
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.
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.
Disadvantages to a Petty Cash System Overall, petty cash is a largely outdated and inefficient system. While convenient for small purchases, it is not a realistic solution for larger expenses. The bigger the company, the harder it is to track outgoing petty cash, change and receipts.
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.
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.
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.
At all times, the balance in the petty cash box should be equal to the cash in the box plus the receipts showing purchases. For example, the Galaxy's Best Yogurt maintains a petty cash box with a stated balance of $75 at all times. Upon review of the box, the balance is counted in the following way.
