What Is Petty Cash? How Should My Business Use It?

The petty cash custodian records all transactions and maintains a running balance The custodian may have to justify the expenditures

Reconciliation of Petty Cash Funds At the end of each month the custodian must reconcile the petty cash fund to ensure that all money is accounted for using

paticash As the petty cash is used and the fund diminishes, it is replenished to the original fixed amount This is typically done by submitting the recorded expenses

paticash The cashier creates a journal entry to record the petty cash receipts This is a credit to the petty cash account, and probably debits to