The Oregon Petty Cash Form is an essential document used to track and document small cash transactions within an organization or business based in the state of Oregon. It provides an efficient way to record and reconcile petty cash expenses, ensuring transparency and accountability. The form consists of multiple sections including a header that requires the date, department, and petty cash custodian's name. It also includes spaces to list the purpose of the petty cash expenditure, the amount requested or disbursed, and the supporting details such as receipts or invoices. In addition, there is usually a section for approvals and signatures by both the requester and the petty cash custodian as a verification process. Using the Oregon Petty Cash Form enables organizations to maintain a comprehensive record of petty cash transactions, ensuring proper documentation and preventing any misappropriation or misuse of funds. It helps in accurately tracking expenses, providing information for financial reporting and auditing purposes. There may be variations of the standard Oregon Petty Cash Form depending on the specific requirements of different organizations or departments. Such variations might include the inclusion of additional fields for project codes, tracking account numbers, or personal identification information of the requester. The forms can be customized to cater to a particular organization's needs, but the core purpose of tracking and documenting petty cash transactions remains the same. In conclusion, the Oregon Petty Cash Form is a crucial tool that facilitates the proper management of small cash transactions within an organization in Oregon. By providing a systematic way to record and track expenditures, it ensures financial transparency and accountability. Different types of Oregon Petty Cash Forms may exist to meet the specific needs of different organizations or departments.
Oregon Petty Cash Form
Description
How to fill out Oregon Petty Cash Form?
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FAQ
The original Petty Cash Voucher is stapled to the original supporting documents (retail store sales slip, cash register tape, or other original receipt) and forwarded to Accounts Payable with the Petty Cash Replenishment Request (see Procedure 4-006, Preparation of Petty Cash Replenishment Request) at the time of petty
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.
An employee using petty cash should provide a receipt for the purchase to the petty cash custodian. Give the receipt to your finance department or the person who handles your small business books. You typically evaluate your petty cash fund at the end of each month for more accurate balances.
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.
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.
The petty cash voucher shows the voucher number,amount, purpose of the expenditure, and account to debit. The person receiving the funds signs the voucher, and the person who controls the petty cash fund initials the voucher. used by most businesses to record transactions involving petty cash.
Journal entry for putting money into the petty cash fund To show this, debit your Petty Cash account and credit your Cash account. When the petty cash fund gets too low, you must refill it to its set amount. Then, create another journal entry debiting the Petty Cash account and crediting the Cash account.
An employee using petty cash should provide a receipt for the purchase to the petty cash custodian. Give the receipt to your finance department or the person who handles your small business books. You typically evaluate your petty cash fund at the end of each month for more accurate balances.
Each time a payment is made from the petty cash fund, a pre-numbered voucher must be prepared as proof of payment. True. For internal control reasons, at least two people should be responsible for the petty cash fund, and the petty cash box should be kept in a locked desk drawer or safe.
A credit card receipt can be used as evidence for a disbursement of funds from petty cash.
