Petty Cash Procedure
The Petty Cash Procedure helps outline the disbursement and reimbursement of petty cash. To facilitate minor business expenses, a petty cash fund will be available to employees. This procedure applies to all employees of the company. (6 pages, 586 words)
The Cashier will maintain control of the cash box, Petty Cash Journal, and all petty cash transactions. At the end of each month, or whenever the Petty Cash fund drops below a balance of $20.00, the Cashier will complete a Check Request for reimbursement of cash. The Controller and Cashier should meet periodically (e.g., quarterly) to review Petty Cash disbursements and reimbursements against planned (budgeted) figures, as well as discuss discrepancies and the reasons for them.
Petty Cash Responsibilities:
The Cashier maintains control of the cash box, petty cash journal, and all petty cash transactions.
The Controller audits the cash box, petty cash journal, and all petty cash transactions paperwork submitted to resolve any discrepancies found.
Petty Cash Procedure Activities
- Petty Cash Fund Control
- Petty Cash Draws
- Petty Cash Replenishment
- Petty Cash Review
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