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Definition of petty cash vouchers

definition of petty cash vouchers

The custodian adjusts the original voucher to reflect the change received, attaches the purchase receipt to it and places both in the secure lock box with the remaining petty cash.
Petty cash is a small amount of actual cash that a company has on hand to purchase items that cost so little that cutting a check doesnt make sense or gift certificate promo code isnt realistic.
Related Courses, bookkeeping Guidebook, corporate Cash Management.
Steps to minimize abuse include limiting the amount that can be disbursed through petty cash, requiring receipts, and monthly audits by a responsible person other than the custodian.
You could also include on the voucher the account number to charge for the expense, though the name of the expense is usually sufficient information to allow the general ledger accountant to construct an adequate journal entry.If there is a difference between the beginning and ending figures, then it is likely that cash was removed without any voucher documentation, or else that the amount on a voucher was incorrectly stated.Credit, petty Cash 000, cash 000.2.Usually, one individual, called the petty cash custodian or cashier, is responsible for maintaining the petty cash fund and documentation of disbursements made and reconciling the petty cash fund at the time it is replenished.The vouchers also serve as documentation showing what expenditures were made with petty cash and are used to prepare the petty cash journal when the fund is replenished.Examples of such purchases include stamps, supplies, travel expense, and delivery charges, among others.Some use only a payment log, if anything.The custodian then disburses the amount of cash spent to the employee to compensate for the purchase.The name of the person who took the cash.Let's look at the journal entries and documentation used in working with a petty cash fund, and then we will review a detailed example.The type of expense to be charged.In this case, the custodian fills out a petty cash voucher, asks the employee to sign it and gives necessary amount of cash to the employee as an advance.

How to Audit Cash.
At the beginning of an accounting period, there should be a certain amount of cash in the box and no vouchers (which should have been removed as part of the month-end entry for the preceding month).
A petty cash voucher is usually a small form that is used to document a disbursement (payment) from a petty cash fund.When the petty cash fund is replenished, the completed petty cash vouchers provide the documentation for the replenishment check.Signature, a blank of a petty cash voucher is presented below (you can also download this, mS Excel file for your use Illustration 1: Petty cash voucher example.Disburse petty cash for expenditures.Journal entries and procedures for petty cash.It is a physically small form, since it must fit within the petty cash box or drawer.Sometimes the employee who needs petty cash receives it from the custodian before making a purchase.The vouchers are attached to the journal entry as evidence of the underlying transactions.When petty cash fund runs low, the custodian asks the appropriate person to cash a check for petty cash.