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Understand appropriate uses of petty cash. Petty cash should not to be used as an operating fund, i.e., to pay invoices for goods or services, to pay salaries or wages, or to make advances or loans.
Petty Cash Fund: An amount of cash, not to exceed $500, held by a department or office to pay for incidental expenses.
When a petty cash fund is in use, petty cash transactions are still recorded on financial statements. No accounting journal entries are made when purchases are made using petty cash, its only when the custodian needs more cashand in exchange for the receipts, receives new fundsthat the journal entries are recorded.
Petty cash is stored in a petty cash drawer or box near where it is most needed. There may be several petty cash locations in a larger business, probably one per building or even one per department. A separate accounting system is used to track petty cash transactions.
Petty-cash funds are to be maintained on an imprest basis. The custodian/s should balance the fund each day to ensure that the available cash and the approved petty cash vouchers tally. Petty cash disbursements are limited to $50.00 or less per individual, per month.

People also ask

Petty cash is money that is kept in the office of a company, for making small payments in cash when necessary. [business]
Petty Cash is not an expense account, it is an asset account. It is the amount physically available on hand to pay small business expenses. The petty cash fund amount cant use for the payment of large expenses, such as wages and salaries. The account works under two systems: Imprest and Fixed System.
When your petty cash cashier puts money into the petty cash fund, they must create a journal entry in your books. The entry must show an increase in your Petty Cash account and a decrease in your Cash account. To show this, debit your Petty Cash account and credit your Cash account.
Petty cash is only allowed for expenses and payments of amounts not to exceed Php 5,000.00 per transaction.
Receipts from purchases must be retained with the fund to support the total amount of the Petty Cash Fund and the replenishment of the fund.

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