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Replenishing a Petty Cash Fund - controller iastate

Replenishing a Petty Cash Fund - controller iastate 2025

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The document is a debit memo dated August 26, 2009, requesting the replenishment of $275.00 for the Psychology Petty Cash fund, which was advanced on August 21, 2009. It includes an explanation for the funds needed for a continuing study and specifies that cash is required by September 1. The memo outlines necessary approvals and signatures from various departments before disbursement.

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When to replenish petty cash fund coa?

(1) The petty cash shall be replenished as soon as disbursements reach at least 75 per cent of the petty cash or as needed. (2) Replenishment of the petty cash shall be made through a DV prepared by the BT/PCC, supported by a SPCD, paid PCVs and supporting documents.

When should you replenish a petty cash fund?

Replenishing Petty Cash Companies replenish the petty cash fund at the end of the accounting period, or sooner if it becomes low. The reason for replenishing the fund at the end of the accounting period is that no record of the fund expenditures is in the accounts until the check is written and a journal entry is made.

Which of the two occasions should the petty cash fund be replenished?

Typically, replenishment occurs at the end of the month when the books are closed. It is also important to perform reconciliations at the end of each period to ensure the petty cash account is balanced and another control measure is to ensure proper authorization for each transaction.

How do you replenish a petty cash fund?

When a petty cash fund is low, the custodian should do the following: Compile the petty cash receipts (see below). Attach the receipts to the corresponding Petty Cash Receipts Summary Form. Fill out an Accounts Payable Check Request. Electronically process a Petty Cash Voucher in ARC.

What are the gaap rules for petty cash?

The following are the GAAP rules for petty cash: Establish a petty cash fund. Assign a custodian. Record transactions. Replenish the fund. Review and audit.

Is the petty cash fund supposed to be replenished?

Every Year. At the end of every accounting period.

When a company replenishes a petty cash account?

Replenishing the petty cash fund means the petty cash custodian requests and receives cash from the companys regular checking account in an amount that will return the cash on hand to the amount shown in the general ledger account Petty Cash.

What is the entry to replenish the petty cash fund requires?

Answer and Explanation: The entry to replenish petty cash fund includes a debit to Petty Cash and a credit to Cash. When the petty cash fund is used and reconciled, the receipts are expensed by a debit to the various expense accounts and Petty Cash is credited.

Replenishing a Petty Cash Fund - controller iastate 2025

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