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What is petty cash voucher in accounting

what is petty cash voucher in accounting

Following entries must be recorded: Initial injection of petty cash will be recorded as raffle draw ticket design template follows: Debit, cash 100, credit, bank 100, petty cash payments will be recorded as follows: Debit, tea 10, debit.
Petty cash balance after reimbursement reverts to back to the level of the float.
The accounts payable staff forwards the petty cash reconciliation form to the general ledger accountant.
Add cash to petty cash fund.The person being reimbursed completes a reimbursement voucher.Every time a payment is made through petty cash, it is recorded in the petty cash register usually by the cashier.The procedure for petty cash funding is outlined below: Complete reconciliation form.Update petty cash book (optional).Start Our Accounting world soccer shop coupon code free shipping Course.An accounting staff person reviews and approves the form and sends a copy to the accounts payable staff, along with all vouchers referenced on the form.This voucher should contain the amount disbursed, the type of expense, the date, and the person to whom the petty cash was paid.Operations manager) draws a cheque equal to the amount of expenses detailed in the petty cash voucher.Businesses generally keep small amounts of cash to meet small miscellaneous payments such as entertainment expenses and stationery costs.The cashier gives the cash to the petty cash custodian, who includes it in the petty cash fund.Petty cash is reimbursed on 31st January.The amount of reimbursement is equal to the expenses paid through petty cash since the time of last reimbursement.However, since cash is the most liquid resource of the entity, strong controls over it are necessary to avoid possible misappropriation.Petty cash imprest system is an effective way to manage small day to day expenses.For a new company, the annual budget is among the first things you should set up - that is, if you expect your company to last for at least a year.Petty cash vouchers are also referred to as petty cash receipts and can be purchased from office supply stores.If there is a receipt for which the person is being reimbursed, hevi metal rebate staple it to the voucher.When the cashier requests for reimbursement of petty cash, he creates a petty cash voucher detailing the payments made through petty cash during the period since the last reimbursement along with any supporting invoices acting as documentary evidence for the claim.Cashier must be responsible to keep supporting invoices in respect of payments made through petty cash.