Petty Cash

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Company usually maintain a petty cash to make payments to general expenses or reimburse staff for minor purchases(small, miscellaneous expenditures such as stamps, small delivery charges, or emergency supplies) ,
with no necessity to maintain a supplier account in the Accounts payable.
 
The size of a petty cash fund varies depending on the needs of the business. A petty cash fund should be small enough so that it does not unnecessarily tie up company assets or become a target for theft, but it should be large enough to lessen the inconvenience associated with frequently replenishing the fund.
 
For this reason, companies typically establish a petty cash fund that needs to be replenished every two to four weeks.
 
Learn how to use excel template to import expenses


Assuming your company maintain a petty cash float of $400.00 and a policy of topping up to $400 every half month.
 
The followings are expenses incurred for the month of Jan 202X and you are to top up the petty cash
 
Sum up the total at the end of each reimbursement period (row 16) and take it up in the payment entry as a total of each expense account (if there is an input tax, insert the input tax amount accordingly)

 

To top up your petty cash,
 
At [A/c Entry], click [Payment]

Click [Others]

 
Enter the information as shown below from [1] to [11]

 

                                                   

 

Sample of Petty cash entry with GST report...Click here...

A mixed entries of transactions with various tax code entered as multiple lines in one single Petty cash entries

 
         

At GST F5 report...

 


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