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ChatGPT
Sep 16
A petty cash book is a record of small, day-to-day expenses that are paid for in cash by a business. It is used to track and monitor these expenses, which are typically small and frequent, such as office supplies, postage, or minor repairs. The petty cash book helps to ensure that these expenses are properly accounted for and reconciled with the actual cash on hand. It also provides a clear audit trail for these transactions.
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Google Gemini AI
Sep 16
Petty Cash Book
A petty cash book is a financial document that records small, everyday business expenses that are considered too insignificant to warrant writing a check.
Purpose:
- To track and monitor minor expenses that cannot be easily paid through other accounting methods.
- To prevent misuse of funds and ensure accountability for small purchases.
Key Features:
- Float: A fixed amount of cash kept in the petty cash box.
- Transactions: Records all disbursements and receipts of petty cash.
- Petty Cash Custodian: A designated employee responsible for managing the petty cash book and float.
- Supporting Documents: Receipts or invoices are attached to the book to support expenses.
- Regular Reconciliation: The petty cash float is periodically reconciled with the actual cash on hand and the book balance.
Advantages:
- Simplifies and streamlines the accounting process for small expenses.
- Provides visibility and control over petty cash transactions.
- Prevents misuse or theft of funds.
Disadvantages:
- The float may eventually run out, requiring replenishment.
- Tracking and reconciling petty cash transactions can be time-consuming.
- It's not suitable for large or recurring expenses.
Common Transactions Recorded:
- Office supplies
- Postage
- Travel expenses
- Meals and snacks
- Equipment repairs
- Miscellaneous expenses
Maintenance:
- The petty cash custodian should maintain the book and ensure its accuracy.
- Transactions should be recorded promptly and supported by receipts.
- The float should be reconciled regularly to prevent overspending or shortages.
A petty cash book is a financial document that records small, everyday business expenses that are considered too insignificant to warrant writing a check.
Purpose:
- To track and monitor minor expenses that cannot be easily paid through other accounting methods.
- To prevent misuse of funds and ensure accountability for small purchases.
Key Features:
- Float: A fixed amount of cash kept in the petty cash box.
- Transactions: Records all disbursements and receipts of petty cash.
- Petty Cash Custodian: A designated employee responsible for managing the petty cash book and float.
- Supporting Documents: Receipts or invoices are attached to the book to support expenses.
- Regular Reconciliation: The petty cash float is periodically reconciled with the actual cash on hand and the book balance.
Advantages:
- Simplifies and streamlines the accounting process for small expenses.
- Provides visibility and control over petty cash transactions.
- Prevents misuse or theft of funds.
Disadvantages:
- The float may eventually run out, requiring replenishment.
- Tracking and reconciling petty cash transactions can be time-consuming.
- It's not suitable for large or recurring expenses.
Common Transactions Recorded:
- Office supplies
- Postage
- Travel expenses
- Meals and snacks
- Equipment repairs
- Miscellaneous expenses
Maintenance:
- The petty cash custodian should maintain the book and ensure its accuracy.
- Transactions should be recorded promptly and supported by receipts.
- The float should be reconciled regularly to prevent overspending or shortages.
0
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Sep 17
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