When a business maintains an imprest system of petty cash it is necessary to replenish the fund at the end of an accounting period. A journal entry is used to record the petty cash expenditure incurred during the period and to reflect the cash used for replenishment.
Tag: Petty Cash
Imprest Petty Cash
The imprest system of petty cash is a method of accounting for petty cash expenses. Under the system, the petty cash fund balance is always restored at the end of the accounting period back to its original amount. At any one time the cash held plus the petty cash vouchers should always be equal to the original fixed imprest amount.
Petty Cash Reconciliation Sheet
A petty cash reconciliation form is a business accounting document which is used to carry out a reconciliation of petty cash and paid vouchers to the authorized petty cash float.
Reconciling petty cash is an important part of the internal controls of a business. The petty cash register template provides a summary of the petty cash counted by denomination, quantity and amount together will a total of paid vouchers contained within the petty cash box.
Petty Cash Voucher Template
All petty cash transactions need to be supported by a petty cash voucher.
Together with attached invoices, receipts, and other paperwork, a petty cash voucher is used to support payments made from petty cash and will help a business to document and post petty cash book entries.
Set up a Petty Cash Float
The business wants to establish a petty cash float of 300 using money withdrawn from its the bank account.