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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.

How to set up a petty cash management system Appoint someone as petty cash custodian. Only one person at a time should be given responsible for the fund.Fund the account.Secure the funds.Establish policies.Record disbursements.Require receipts.Replenish funds when low.Monitor spending.

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.

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. The voucher information may come from the petty cash book.

Petty cash appears within the current assets section of the balance sheet. This is because line items in the balance sheet are sorted in their order of liquidity. Since petty cash is highly liquid, it appears near the top of the balance sheet.

Use of the Petty Cash Voucher (PCV). There must be one properly completed Petty Cash Voucher, Form USNH-F45, supported by an original receipt for each disbursement from the petty cash fund. Hence, two documents are generally needed for each petty cash transaction: one from the Custodian, and one from the vendor/payee.

Require that employees maintain a running petty cash log for every transaction, including receipts. Each entry in the petty cash book should include the date, the amount, and what was purchased with the petty cash. Review your petty cash register before you replenish the petty cash fund.

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.

Most companies set the maximum amount of cash they carry in the petty cash fund, or petty cash float, between $30 and $500, depending on how much money the business needs to cover its small expenses for emergencies and convenience over a designated period, which is typically one month.

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.

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The Maricopa County Medical Society (MCMS), founded in 1892 and incorporated in 1935, is the oldest medical association in Arizona. Maintains petty cash.Delegates tasks to Accounting Assistant. County: Pinal County. Salt River Pima-Maricopa Indian Community. I prefer to decline on providing a review of this employer, even though the rating is low. Inmates can release all the money in an inmate account without approval up to 72 hours after booking.

Maricopa Arizona Petty Cash Journal

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