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No loans travel expense membership or entertainment reimbursements of any kind may be made from petty cash funds. Reimbursements are not allowed through the petty cash fund for items which should be processed on travel vouchers check requests or through contractual services. Direct Order and Purchase Order procedures must be observed at all times to control pricing and obtain benefit of the university s sales tax exemption status. purchasing regulations and at no time may exceed your Petty Cash ...

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What is petty cash and its purpose?

1. Overview and Purpose. The purpose of a Petty Cash Fund is to allow for the reimbursement or purchase of minor, small-dollar (less than $100), unanticipated business expenses, where the use of alternative means is neither feasible nor cost effective.

Who is designated to bear the responsibility for petty cash?

University Policy 1506: Imprest Balances Petty Cash mandates the custodian is responsible for controlling and safeguarding the petty cash account. If a department demonstrates the need for more than one person to have access to petty cash, it should establish a new petty cash fund with a different custodian.

How do you show petty cash in accounting?

To show this, debit your Petty Cash account and credit your Cash account. When the petty cash fund gets too low, you must refill it to its set amount. Then, create another journal entry debiting the Petty Cash account and crediting the Cash account.

Who should approve petty cash?

The completed \u201cPetty Cash Replenishment Request\u201d should be signed by the Petty Cashier and approved by the Department Head, who also ensures that the expenditures have a valid business purpose.

What is the main purpose of petty cash?

The purpose of a Petty Cash Fund is to allow for the reimbursement or purchase of minor, small-dollar (less than $100), unanticipated business expenses, where the use of alternative means is neither feasible nor cost effective.

who is designated to bear the responsibility for petty cash

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What is petty cash policy?

Petty cash funds must be closed out and reconciled at the end of each fiscal year. Cash can only be reimbursed by the Controller's Office when supported by receipts. Travel advances, meals, mileage, or other travel related expenditures cannot be reimbursed using a petty cash fund.

What are the two types of petty cash?

Generally, there are two types of Petty Cash Book: Columnar Petty Cash Book. Imprest Petty Cash Book.

What is considered petty cash?

Petty cash is the money that a business or company keeps on hand to make small payments, purchases, and reimbursements. Either routine or unexpected, these are transactions for which writing a check or using a credit card is impractical or inconvenient.

What is an example of petty cash?

Petty cash is a small amount of cash that is kept on the company premises to pay for minor cash needs. Examples of these payments are office supplies, cards, flowers, and so forth. Petty cash is stored in a petty cash drawer or box near where it is most needed.

Who is responsible for petty cash?

Typically, one employee is responsible for controlling petty cash funds. This person is known as the petty cash custodian. The custodian will maintain and document all expenses from the petty cash. By giving this responsibility to one custodian, it means that you will retain internal control over the money.

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What is petty cash and its purpose?

Who is designated to bear the responsibility for petty cash?

How do you show petty cash in accounting?

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What is the main purpose of petty cash?

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What is petty cash policy?

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