Chicago is the third-largest city in the United States, located in the state of Illinois. It is a vibrant and culturally-rich city known for its iconic architecture, diverse neighborhoods, and renowned food scene. When it comes to managing finances, Chicago, like any other city, utilizes petty cash vouchers for various purposes. Petty cash vouchers in Chicago serve as a means of tracking and documenting small cash transactions within city departments and agencies. These vouchers are essential for maintaining accountability and transparency in financial transactions. They help ensure that petty cash funds are used appropriately and are subject to proper review and auditing. There are different types of petty cash vouchers used in Chicago, including: 1. Reimbursement Vouchers: These vouchers are used when an employee spends their own money for an authorized purchase on behalf of the city. They serve as a record of the expenses incurred and are submitted for reimbursement. 2. Petty Cash Replenishment Vouchers: When the petty cash fund in a department or agency runs low, a replenishment voucher is used to request additional funds. The voucher details the amount needed to restore the petty cash fund to its original level, along with justifications for the expenditure. 3. Petty Cash Disbursement Vouchers: These vouchers are used to document any cash payments made by a department or agency from the petty cash fund. They provide a record of the recipient, purpose, and amount spent. 4. Petty Cash Voucher Logs: While not a specific type of voucher, these logs are used to maintain a chronological record of all petty cash transactions. Each voucher is assigned a unique identifier and recorded in the log, ensuring accountability and easy access to transaction details. In Chicago, petty cash vouchers are an integral part of financial management, allowing the city to maintain control over small cash transactions. These vouchers provide transparency, accuracy, and accountability, ensuring that financial resources are utilized efficiently. The various types of vouchers cater to different needs, ensuring smooth operations within city departments and agencies.
Chicago Illinois Petty Cash Vouchers
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How to fill out Chicago Illinois Petty Cash Vouchers?
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Helpful Tools No.Date ? Enter the date that the petty cash receipt is prepared. Pay To ? Enter the name of the payee who received the petty cash disbursement. $ (Dollar Amount) ? Enter the total amount of the payment. Description ? Enter a brief, but specific explanation of what the funds were used for.
The small expenses that your business makes with petty cash might not seem like a big deal, tax-wise. But they can add up. If you average $100 petty cash expenses per month, that's $1,200 you could potentially write off your tax bill next year!
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.
Petty-cash funds are to be maintained on an imprest basis. The custodian/s should balance the fund each day to ensure that the available cash and the approved petty cash vouchers tally. Petty cash disbursements are limited to $50.00 or less per individual, per month.
Receipts from purchases must be retained with the fund to support the total amount of the Petty Cash Fund and the replenishment of the fund.
The petty cash log is one of the most important components of managing petty cash. Any transactions made into or out of petty cash need to be recorded on the petty cash log. It's also important that any money disbursed out of the petty cash fund have a receipt.
A petty cash voucher is a form or document that reflects the amount and the reason for petty cash disbursement. The custodian is required to prepare a voucher for each disbursement and attach any source documents for expenses to the voucher, such as invoices and receipts.
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. Examples of transactions that a petty cash fund is used for include: Office supplies. Cards for customers.
Information on a Petty Cash Voucher Given the uses just noted for the petty cash voucher, the information on it should contain the amount of cash taken, the date on which the cash was taken, the name of the person who took the cash, the initials of the person dispensing the cash, and the type of expense to be charged.
