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seeker | What do petty cash means? |
|
 |
 
BobcatChick
 |
Businesses often need small amounts of cash known as petty cash for expenditures where it is not practical to make the disbursement by check.
The most common way of accounting for these expenditures is to use the imprest system. The initial fund would be created by issuing a check for the desired amount. Usually $100 would be sufficient for most small business needs. The entry for this initial fund would be to debit Petty Cash and credit cash.
As expenditures are made the custodian of the fund will reimburse employees and secure a petty cash voucher in return. At any given time the total of cash on hand plus reimbursed vouchers must equal the original fund.
When the fund gets low the custodian submits the vouchers for reimbursement. Assuming the vouchers add up to $80 and that the majority of expenditures were for office supplies, an $80 check is issued and an $80 debit towards office expenses is marked. Once the check is cashed, the custodian has cash at the original amount.
Oversight of petty cash is important because of the potential for abuse. Examples of petty cash controls include a limit (such as 10% of the total fund) on disbursements and monthly audits by someone other than the custodian. Use of petty cash is sufficiently widespread that vouchers for use in reimbursement are available at any office supply store.
Retrieved from "http://en.wikipedia.org/wiki/Petty_cash... |
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asmikeocsit
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Most businesses and organizations use checking accounts,but usually keep some cash on hand for small expenses.This is called petty cash,because they are petty,small,expenses. |
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princess angel 2207
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very small amounts of money. |
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Besmirched Tea
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Money that is not allocated to other things, that is just like "pocket money" that you are free to do with whatever pops up. |
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JohnnyBravo
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Small amount of cash generally kept apart from the general budget, utilized for necessary small cash purchases. |
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c_schumacker
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Businesses and organizations use it to purchase incidentals rather than go through the process of creating an invoice and writing a check. It remains a ways of controlling and accounting for money flow, however. |
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mystina777
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Money you can play around with. |
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Tam
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Like money amounts under 20.00 it is used alot at school to repay teacher that like brought stuff for there classroom like a light bulb the school reimbursed them with there petty cash account. |
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divya r
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Money that can be easily spent without worrying too much. |
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advocate172000
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usually a float of small change held as emergancy cash |
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cooldog
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stashed cash in a drawer for emergencys |
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inn_it4money
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It's money that is petty. Pretty petty. |
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rdjhoya
 |
Petty cash is a small amount of cash that a business keeps on hand to pay minor expenses. Some vendors only accept cash and other times it is easier to pay cash for an expense instead of writing a check or using a credit card. If you're smart and your employer is not, it is also a good way to steal money from your employer. |
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chrystalgypsey
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It's usually an account a business professional will use to make small purchases, or buy business meals with. This way they don't have to keep track of all those little things, they just get a certain amount to cover small expenses. |
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jerzeeshortee
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I haven't actually had the opportunity to work somewhere that had a petty cash box or account. However, at my mom's job she goes in the petty cash box and gets out money for lunch or even lottery tickets but there has to be receipts put in the place of the money for tracking purposes. Also if she takes more than $20 she usually just replaces it instead of making sure she has receipts to prove where the money went.
Do you remember the movie that the girl from Married with children played in? Her mom went on vacation, left her in charge, and she had to get a job? The job just so happened to have $100's of dollars in the petty cash box. That's the kind of job I want!!!! |
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Peppy Lover Gal
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In my businesses petty cash is a small amount of money we use for small supplies or treats for our employees that can easily be replaced AND tracked. |
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bjhexercises
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Usually used in a business, Petty cash is an amount kept on hand to use instead of writing a check. Like if you keep 100.00 petty cash then as someone spends money; say 25.00 for gasoline you would take the 25.00 out of your 100.00 petty cash to give that person to reimburse for the gasoline. Put the receipt for 25.00 with your cash and you now have 75.00 petty cash and a 25.00 receipt still making the petty cash total 100.00. When your 100.00 petty cash gets low, write a check to restock your petty cash and charge all the receipts you have to the appropriate accounting accounts. |
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answerdude
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a small amount of money - under $20 like stuff you'd normally carry in your wallet. |
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horses_purple_dogs
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I totally agree with Tam. She knows her stuff?
Bye!! |
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robanddrb
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You should have asked what "DOES" petty cash mean? Petty means small, not important, minor. So petty cash means a small, unimportant amount of money. Usually just a few dollars. But to a multi million dollar business, petty cash could be thousands of dollars, too. |
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