This form is an official California Judicial Council form which complies with all applicable state codes and statutes. USLF updates all state forms as is required by state statutes and law.
Visalia California Cash Assets on Hand at Beginning of Account Period — Standard and Simplified Accounts In accounting terms, cash assets on hand at the beginning of an account period refer to the amount of cash available to a business or individual at the start of the financial reporting period. In Visalia, California, there are two main types of cash assets methods used by businesses to calculate their cash position at the beginning of the account period — Standard and Simplified Accounts. Standard Accounts: 1. Cash on Hand: This category includes physical cash such as currency and coins held by the business at the start of the accounting period. It can be found in the cash register, petty cash box, or any other location where cash is stored. 2. Cash in Bank Accounts: This includes the balance of all bank accounts held by the business or individual in Visalia, California, at the beginning of the account period. It encompasses checking accounts, savings accounts, and money market accounts. 3. Cash Equivalents: These are highly liquid and short-term investments that can be easily converted into cash within 90 days. Some examples include treasury bills, commercial paper, and money market funds. Simplified Accounts: 1. Deposited Cash: This refers to cash receipts that have not yet been deposited into a bank account. It represents cash collected by the business but not yet reflected in the bank balance. 2. Petty Cash Fund: This is a small amount of cash set aside for minor business expenses, typically managed by an employee responsible for day-to-day operational purchases. 3. Prepaid Debit or Gift Cards: Some businesses may hold prepaid debit or gift cards as an alternative way to manage cash flow. These cards hold a predetermined value and can be used for various expenses. It's essential for businesses to accurately determine their cash assets at the start of the account period to ensure proper financial planning and decision-making. By using either the standard or simplified accounts method, businesses in Visalia, California, can diligently track their available cash reserves and make informed operational and investment decisions.
