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Definition of Petty Cash Petty cash or a petty cash fund is a small amount of money available for paying small expenses without writing a check. Petty Cash is also the title of the general ledger current asset account that reports the amount of the company's petty cash.

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.

To create journal entries that show petty fund purchases, you must debit the corresponding accounts (e.g., Office Supplies account if you purchase supplies) and credit your Petty Cash account. You might debit multiple accounts, depending on how often you update your books for petty cash accounting.

Record vouchers in general ledger. The general ledger accountant records the voucher amounts listed in the petty cash reconciliation form as expense in the general ledger, and then files the form and attached vouchers.

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.

Forms used for Operating Petty Cash Fund The petty cash fund can be operated in the two ways: ordinary and imprest system of petty cash fund.

The petty cash book is a recordation of petty cash expenditures, sorted by date. In most cases, the petty cash book is an actual ledger book, rather than a computer record. Thus, the book is part of a manual record-keeping system.

Recording petty cash transactions Create 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.

There are two types of petty cash books that are most commonly used: Imprest petty cash book. Columnar or Analytical petty cash book.

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.

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Kings New York Petty Cash Journal

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