Utah Petty Cash Journal is a financial document used for tracking small, everyday expenses within an organization. It is commonly referred to as a "cash disbursement journal" or "petty cash log." This journal serves as a record of all transactions involving petty cash, ensuring transparency and accountability. The Utah Petty Cash Journal includes relevant details such as the date of the transaction, purpose of the expense, amount spent, the person responsible for the disbursement, and any additional remarks or notes. It acts as a centralized hub for managing petty cash funds efficiently and making reconciliations during audits or financial reviews. Although there might not be different types of Utah Petty Cash Journals, organizations can customize their journal format according to their specific needs and preferences. Some may choose to use a paper-based journal, while others may opt for electronic spreadsheets or specialized software to maintain the journal digitally. Keywords: Utah Petty Cash Journal, cash disbursement journal, petty cash log, financial document, transactions, small expenses, tracking, accountability, transparency, disbursement, centralized hub, funds management, reconciliations, audits, financial reviews, customized format, paper-based journal, electronic spreadsheets, specialized software.
Utah Petty Cash Journal
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FAQ
A simple petty cash book is just like the main cash book. Cash received by the petty cashier is recorded on the debit side, and all payments for petty expenses are recorded on the credit side in one column.
The journal entry that needs to be recorded is a debit (increase) to the petty cash fund and a credit (decrease) to the business checking account. Withdrawals made to the petty cash fund will be recorded as expenses.
Petty cash funds may not be deposited into personal bank accounts or commingled with other funds.Departments may not establish bank accounts for petty cash funds.Purchases of goods and services for more than $100 should not be made with petty cash.Petty cash funds may not be expended for:
Recording petty cash transactionsCreate new a bank account to represent your petty cash balance.Enter an opening balance to show the current balance of your petty cash.Record payments made from your petty cash.Record a transfer of money to top up the petty cash account.
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. Use your judgement, and put less into the petty cash fund than you think you needyou can always increase the amount later.
The petty cash journal contains a summarization of the payments from a petty cash fund. The totals in the journal are then used as the basis for a journal entry into a company's general ledger. This journal entry lists petty cash expenditures by expense type.
Petty cash is a current asset and should be listed as a debit on the company balance sheet. To initially fund a petty cash account, the accountant should write a check made out to "Petty Cash" for the desired amount of cash to keep on hand and then cash the check at the company's bank.
The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. The cashier creates a journal entry to record the petty cash receipts.
When a petty cash fund is in use, petty cash transactions are still recorded on financial statements. No accounting journal entries are made when purchases are made using petty cash, it's only when the custodian needs more cashand in exchange for the receipts, receives new fundsthat the journal entries are recorded.
A petty cash account is an imprest account, so it is only debited when the fund is initially established or increased in amount. Transactions to replenish the account involve a debit to the expenses and a credit to the cash account (e.g., bank account).
