PETTY CASH. PURPOSE  Money is used to buy small items, particularly when cash is needed to pay for them.  Examples – postage, stamps, travel expenses,

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Presentation transcript:

PETTY CASH

PURPOSE  Money is used to buy small items, particularly when cash is needed to pay for them.  Examples – postage, stamps, travel expenses, stationery, refreshments

HOW MUCH IN BOX  The size of the petty cash fund is determined by the needs of each business. The amount is know as the FLOAT or IMPREST

SECURITY  Staff must usually get permission before they can spend money to reclaim through petty cash  Needs to be kept in a locked box, in a locked drawer  Only one person responsible for the box and keys  Set maximum limit for cash payment  List items that are suitable for cash payment

PROCEDURE 1. Purchase item and get a receipt 2. Complete Petty Cash voucher with details, sign and attach receipt 3. Present voucher to Petty Cashier 4. Petty Cashier checks details, authorises by signing voucher, repay the amount, places voucher in petty cash box 5. Record the transaction in the petty cash book

PROCEDURE 6. At end of month, the Petty cashier adds up total and analysis columns 7. Vouchers plus cash left in box should equal IMPREST started with. 8. Petty Cashier takes vouchers and petty cash sheet to accounts to TOP UP the money used for the month.