Definition & Advantages of Petty Cash

Definition & Advantages of Petty Cash paticash Petty cash should be used for small payments of goods or services where it is uneconomic or inconvenient to process via purchase order paticash 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

paticash Petty cash funds are for expenditures connected to approved University activities A sum of money is set aside in an imprest account OR petty cash fund, a fixed

paticash The authorized balance of imprest, petty cash and other revolving funds should be reported as cash in the general ledger in whichever fund expenditures are When petty cash is used to make purchases, no accounting journal entries are made; instead, they are only made when the custodian needs more money and receives