What Is Petty Cash? How Should My Business Use It?
What Is Petty Cash? How Should My Business Use It?
Petty cash is a small amount of cash on hand used for paying expenses too small to merit writing a check Learn how to balance petty cash in accounting
The purpose of the petty cash fund is to provide cash on hand for a department to reimburse small recurring expenses of $100 or less to employees The purpose As the petty cash is used and the fund diminishes, it is replenished to the original fixed amount This is typically done by submitting the recorded expenses
ff result Maintain the initial amount The amount in your petty cash box should always remain constant Once you begin creating the petty cash float, your Petty Cash Book · Step 1: Create a Petty Cash Fund Before creating a petty cash book, you need to establish a petty cash fund · Step 2: Choose a Petty Cash
