After the vouchers have been examined and approved, a check is created for $92.60 which restores the cash in the fund to its $100 balance. (2) To record petty cash disbursements, use the "write cheque/enter expense" function in QuickBooks®. Bookkeeping Entries Index (This is the amount of the company check that will be cashed to get the cash in the petty cash fund back to the imprest general ledger amount of $100.) When someone takes money out of petty cash, a voucher should be filled out and placed in the petty cash box. In this case, the cash needed to get back to $100 ($100 fund – $7.40 petty cash on hand) of $92.60 equals the total of the petty cash vouchers. Each time a reconcilation of petty cash is done, remove the "posted" receipts from the petty cash box and attach all the receipts to your petty cash reconciliation ... then replenish the fund. All the incomes and expenses which are practically not possible to settle through a bank need to be settled none other than cash (no barter transaction in a modern economy). have employees submit expense reports for reimbursement or issue company The same person is responsible for the appropriate accounting of each cash transaction done through him. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. To permit these cash disbursements and still maintain adequate control over cash, companies frequently establish a petty cash fund of a round figure such as $100 or $500. If possible, it is best to NOT have a It should be noted that there is no entry made to the petty cash fund. A petty cash custodian should be designated to safeguard and make payments from this fund. Click here to see how to enter your petty cash vouchers into QuickBooks®. A summary of the vouchers shows payments of $22.75 for shipping to customers, $50.80 for stamps, and $19.05 for an advance to an employee; these payments total $92.60. Management should be concerned about controlling the proper use of petty cash. The Cash Over and Short account can be either an expense (short) or a revenue (over), depending on whether it has a debit or credit balance. Do not duplicate without permission. We will not use the petty cash in a journal entry again unless we are changing this original amount. The petty cash account should be reconciled and replenished every month to ensure the account is balanced and any variances are accounted for. Whatever steps are deemed necessary (such as surprise … *GST/HST is a value added sale tax in Canada. Click on the image to learn more. Remember, for all journal entries, total debits must equal total credits. A business establishes a petty cash fund by writing a check for, say, $100. Place the petty cash into the box and create an accounting journal to record petty cash transactions. At this point, the petty cash box has $75 to be used for small expenses with the authorization of the responsible manager. At the time the fund is established, the following journal entry is needed. The reason for replenishing the fund at the end of the accounting period is that no record of the fund expenditures is in the accounts until the check is written and a journal entry is made. Petty Cash Replenishment Bookkeeping Entries Explained. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. All Rights Reserved. We would debit all vouchered items. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. petty cash fund as it is so easily abused. I explain both, along with the journal entries in this chat. Select a petty cash custodian and petty cash cashie… This is an example where it makes sense to break the internal control principle of paying all expenses by cheque/check. Companies replenish the petty cash fund at the end of the accounting period, or sooner if it becomes low. This is done when you replenish the fund. The entry to replenish petty cash fund includes a debit to Petty Cash and a credit to Cash. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise Inventory (for transportation-in), and office supplies expense Sort the payments into the appropriate categones and total the expenditures in each category. From that point forward the entries are all dr to the expenses and cr to cash in bank. If you've gone paperless and scanned the receipts, Record petty cash expenses & replenish petty cash. Listed Under Websites NOT Local Business.This website is not associated with the business operating in Bonnyville AB. There are three basic bookkeeping entries for petty cash: Setup petty cash. At all times, the employee responsible for petty cash is accountable for having cash and petty cash vouchers equal to the total amount of the fund. Policies should be established regarding appropriate expenditures (type and amount) that can be paid from petty cash. The cash to replenish the petty cash fund is obtained from the cash (checking) account and the following bookkeeping journal is made: Cash is withdrawn from the cash account (to replenish the petty cash fund), and at the same time the expenses are recorded in the correct expense account. The entry for replenishment is: The Cash Over and Short account will be used to balance the entry when the cash needed to get back to the petty cash account does not match the total of petty cash vouchers. Solution for Prepare the general journal entry to set up the petty cash fund on January 2, and to replenish the petty cash fund back upto $ 600 and Explain 3… The cash added to the fund simply replaces the expense vouchers. This journal entry would be made to establish a $200 petty cash fund for Sample Company: No other entry would be made until reimbursement is requested and supported by whatever documentation is needed; then, an entry like the following would be made to summarize all the petty cash transactions. Assume that the local bookstore determined that $100 cash should be kept on hand for miscellaneous expenses. For example, assume the $100 petty cash fund currently has a money balance of  $7.40. What you received (debit) - petty cash funds ... Where it came from (credit) - a cheque written from the bank account. I explain both, along with the journal entries in this chat.If possible, it is best to NOT have a Demonstration of Typical Petty Cash Journal Entries. Here is a video of the petty cash process and then we will review the steps in detail. This journal entry, in essence, subdivides the petty cash portion of available funds into a separate account. With that covered, here is how to manage your petty cash: Petty cash is best tracked in a separate account in your G/L. Cash of P10,944 B. Once the purchase is made, the receipt should be attached to the voucher and any change returned to petty cash. The entry to record an increase in the fund debits Petty Cash and credits Cash for the amount of the increase. The totals in the journal are then used as the basis for a journal entry into a company's general ledger. 2. Learn what to do after you have entered your data. The petty cash fund should be large enough to make disbursements for a reasonable period, such as a month. The journal entry to record replenishment is: Note that the entry to record replenishing the fund does not credit the Petty Cash account. The journal entry to establish the petty cash fund would be as follows. credit cards with limits. Prepare the journal entry to establish the petty cash fund. Restoring the fund to $100 requires a check for $93.90 ($100 fund amount – petty cash remaining $6.10). Any discrepancy should be debited or credited to an account called Cash Over and Short. Small Business Accounting > Remember to stamp "posted" on receipts entered into the register so you don't enter any twice. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. Use the search feature to quickly find theinformation you're looking for. The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. The Travel/Auto Rates Options - US and Canada, The Employee Payroll Rates - US and Canada, The T2125 Schedule Series - Canadian sole proprietors, you still need to keep your originals in Canada. At all times Mary should have some combination of cash and petty cash vouchers (receipts) that are equal to $100. There could also be some cost savings related to the administration expenses (including labor) associated with writing a cheque/check for small amounts. have employees submit expense reports for reimbursement or issue company The journal entry to record replenishing the fund would debit the various accounts indicated by the summary and credit Cash. (3) To increase your petty cash fund float ... or replenish petty cash if you used the second option above, write a cheque and code it: Debit (Increase) Petty Cash (current asset account on the balance sheet)Credit (Decrease) Cash in Bank (current asset account on the balance sheet). do not enter one line for the total amount of receipts: Pens - Debit (Increase) Office Supplies (expense account on the income statement)Stamps - Debit (Increase) Postage & Delivery (expense account on the income statement)Box of photocopy paper - Debit (Increase) Office Supplies (expense account on the income statement)GST/HST* Payable - Debit (current liability on the balance sheet)Cash Short - Debit (Increase) Cash Short or Over (expense account on the income statement) OR Cash Over - Credit (Increase) Cash Short or Over (expense account on the income statement)For the last line of your entry, you have two options ... OPTION ONE - To record expenses AND replenish petty cash at the same time, finish with this entry (write a cheque). As this petty cash fund is established, the account titled “Petty Cash” is created; this is an asset on the balance sheet of many small businesses. Mary is the petty cash custodian who is the only person handling the petty cash transactions. This website is not associated with the business operating in Bonnyville AB. When a department requires replenishment of the petty cash, the receipts are sent to Financial Services attached to a Expense Reimbursement form. Disbursements: Individual disbursements from petty cash are not recorded via a journal entry. Copyright © 2009-2021 by L Kenway dba Lakeshore Bookkeeping Services, PO Box 543, Radium Hot Springs, BC V0A 1M0 The journal entry is to debit petty cash and credit cash at bank. > These errors cause the cash in the fund to be more or less than the amount of the fund less the total vouchers. LO 8.5On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200.Prepare journal entries for the following transactions: On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. Thus, using a petty cash fund avoids the need for making many entries … Generally, the following expe… Petty cash funds are used to purchase items for your business, reimburse employees who purchased business items, or to make change. As a first-time business owner, you will experience some surprising things about finances, especially when it comes to petty cash. Bookkeeping checklists that are a handy reference. QuickBooks® is a registered trademark of Intuit Inc. The custodian would use the $176 to restore the amount of cash to $200. Write the amount of the check you wrote for petty cash after this entry. If you are not a GST/HST registrant, book the tax to an "expense type" of account on your P&L. With an imprest system the balance on the fund (cash + vouchers) is always constant (300). Creation: Petty cash fund may be created by drawing a check on the company's checking account and handing it over to the custodian of the fund. If the petty cash custodian finds that the petty cash fund is larger than needed, the excess petty cash should be deposited in the company’s checking account. You might want to also keep a petty cash log, but this is optional. At this point, the petty cash box has $75 to be used for small expenses with the authorization of the responsible manager. Let's look at why you may want to establish a petty cash fund ? To establish a petty cash fund, someone must write a check to the petty cash custodian, who cashes the check and keeps the money in a locked file or cash box. Okay. You should have vouchers AND receipts for EVERY disbursement and each receipt needs to be entered individually NOT as a group ie. Credit Cash $100 ***This is the "correct ... most often taught in text books" way to do petty cash.Credit (Decrease) Cash in Bank (current asset account on the balance sheet) if you ARE replenishing (exchanging receipts for cash) OPTION TWO - To record expenses NOW and replenish petty cash LATER, finish with this entry (do not write a cheque). The only time petty cash shows up in your cash disbursement journal is when you first set up petty cash fund or you increase the petty cash fund. The cashier creates a journal entry to record the petty cash receipts. Since the petty cash vouchers total only $92.60, the amounts do not agree and the fund is short $ 1.30 ($93.90 needed – $92.60 in vouchers). A better alternative is to Dr. To show this, debit your Petty Cash account and credit your Cash account. The box itself should have a lock and key. Debit: Supplies and postage are recorded as expenses of the business. Disbursements should be recorded before the end of your fiscal year ensuring all expenses are recorded. When the petty cash fund gets too low, you must refill it … A. is not enough. If you decide to establish a petty cash fund, doing the following can help simplify your petty cash accounting responsibilities: 1. We will not use the petty cash in a journal entry again unless we are changing this original amount. ... And what procedures should you put in place? When replenishing the petty cash fund, you may have overages or shortages. To illustrate, the entry to decrease the petty cash fund by $50 would be: On the other hand, a petty cash fund may be too small, requiring replenishment every few days. Click on the image to learn more. There are two ways to manage a petty cash fund. It is best if one person is in charge of the petty cash box. To illustrate, we will close the $100 original petty cash fund by returning the cash to the checking account with a debit to cash and a credit to petty cash. There are two ways to manage a petty cash fund. To determine which accounts to debit, an employee summarizes the petty cash vouchers according to the reasons for expenditure. The petty cash journal contains a summarization of the payments from a petty cash fund. When the fund is replenished, the credit to Cash is for the difference between the established amount and the actual cash in the fund. Using the above information, the journal entry to replenish the petty cash fund will include a credit of $94.00 to the account Cash: Checking Account. credit cards with limits. Petty cash___$97.50 ___Cr Cash in bank___$97.50. If you have a double-entry bookkeeping system, the initial general journal entry would look like this: Debit Petty Cash $100. A debit to cash over and short is made for the shortage and a credit to cash is made. Only when the fund is reimbursed, or when the end of the accounting period arrives, does the firm make an entry in the journal. To illustrate, assume in the preceding example that the balance in the fund was only $6.10 instead of $7.40. A better alternative is to This initial setup amount is sometimes referred to as your float. This journal entry, in essence, subdivides the petty cash portion of available funds into a separate account. The required entry to record a decrease in the fund debits Cash and credits Petty Cash for the amount returned and deposited. If your cash is over or short, select the appropriate line to enter in the second bookkeeping entry. At the time the fund is established, the following journal entry is needed. ***This is not the "correct - most often taught in text books" way to do petty cash but of course ... it's the method I prefer.Credit (Decrease) Petty Cash (current asset account on the balance sheet) - If you use QuickBooks®, make the entries using Write Cheques so that your sales tax calculates properly. The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. Best practice is to replenish the fund to its approved amount each time you reconcile the box. Petty cash accounts are managed through a series of journal entries. If you are balanced, you will not have a cash over/short in your journal entry.In QuickBooks®, the petty cash account would be setup as a BANK type not an other Current Asset type ... to make reconciliations easier. Listed Under Websites NOT Local Business. Instead journal entry is … Write the current date, "DR" (Debit) and "Petty Cash" at the top. (1) To setup your petty cash fund, write a cheque and code it: Debit (Increase) Petty Cash (current asset account on the balance sheet) Credit (Decrease) Cash in Bank (current asset account on the balance sheet). for expenditures to the petty cash voucher. Petty cash is not used in the replenishment journal entry. Personally, I prefer to enter the vouchers into the accounting software on a timely basis and print the G/L register as my log. 2. Usually one individual, called the petty cash custodian or cashier, is responsible for the control of the petty cash fund and documenting the disbursements made from the fund. > The journal entry to record the creation of a petty cash fund appears below. Bookkeeping Essentials Your petty cash receipts should be stamped with a "posted" stamp when they are entered into the accounting system. A petty cash voucher is a document or form that shows the amount of and reason for a petty cash disbursement. Journal entry for putting money into the petty cash fund The entry must show an increase in your Petty Cash account and a decrease in your Cash account. But, that is not always the case. > The custodian should prepare a voucher for each disbursement and staple any source documents (invoices, receipts, etc.) petty cash fund as it is so easily abused. The petty cash account is a current asset and will have a normal debit balance (debit to increase and credit to decrease). The fund is now ready to be disbursed as needed. Help support this site by "liking" me! Use the search feature to quickly find the. Smaller companies or companies that will seldom use petty cash can skip this step, but be sure to enter the general journal entries when it is time to reconcile the petty cash. (Sometimes we refer to this fund as an imprest fund since it is replenished when it becomes low.). Petty Cash is a small amount of cash that needs to be kept in the office for the utilization of daily small expenditures. If there are shortages, you will record it like an expense when you replenish the fund. Petty Cash Bookkeeping Journal Entries. Dr Shore and shop supplies expense $15.00 The main reason is convenience ... a petty cash fund for minor expenses is convenient. Cash of P11,244 C. Petty cash fund of P10,944 D. Petty cash fund of P11,244 3. Sometimes, the petty cash custodian makes errors in making change from the fund or doesn’t receive correct amounts back from users. If you are using QuickBooks®, it will know how to book your sales automatically based on your initial setup. Record petty cash expenses & replenish petty cash. The following entry records this transaction as follows: After the check is cashed, the petty cash custodian normally places the money in a small box that can be locked. Accounting Principles: A Business Perspective. The journal entry to establish the petty cash fund would be as follows. Remember this is petty cash so by definition the float amount is usually $100 or less. Vicki Smith was named the petty cash custodian; employees John, Kathy, and Amanda will sometimes use petty cash to make small business-related purchases; Eric Doe is the cash manager (all names are imaginary and do not correspond to real persons).At the beginning of the month Eric issued a check for $100 to Vicki to set up the petty cash fund. By assigning the responsibility for the fund to one individual, the company has internal control over the cash in the fund. Petty cash funds are useful alternatives to writing checks or using your business credit card to cover small expenses. Thus, using a petty cash fund avoids the need for making many entries for small amounts. As this petty cash fund is established, the account titled “Petty Cash” is created; this is an asset on the balance sheet of many small businesses. What amount of cash should be reported in the May 31, 2016, statement of financial position? Write the journal entry when the petty cash fund is established. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. Entries are needed to (1) establish the fund, (2) increase or decrease the balance of the fund (replenish the fund as cash is used), and (3) adjust for overages and shortages of cash. The entry to increase the petty cash fund by  $400 would be: A company may feel it is time to close the petty cash fund. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. Most first-time business owners underestimate the relevance of including petty cash into their journal format entries.There are times when the budget or the supply for office supplies, toiletries, etc. This video describes how to set up a petty cash fund and how to reimburse it once it has been used. All Rights Reserved. However, with that said, I still prefer to use a low limit credit card rather than a petty cash fund. If you take a peek in the petty cash register, under this method, you will always know what your balance is without having to continually recount the cash or add up your vouchers to see if you have all your vouchers and/or receipts. It is payable to the petty cash custodian. When disbursing cash from the fund, the petty cash custodian prepares a petty cash voucher, which should be signed by the person receiving the funds. At times, every business finds it convenient to have small amounts of cash available for immediate payment of items such as delivery charges, postage stamps, taxi fares, supper money for employees working overtime, and other small items. A person who is in possession of the cash in the organization is generally called cashier. Consider the following example. Let's assume that a company has a petty cash fund of $100 and its general ledger account Petty Cash has a debit balance of $100. The petty cash funds are kept separate from the departmental bank account (s). We make entries to the Petty Cash account only when the fund is established or when the amount of the fund is changed or when the fund is closed and we want to add back cash in exchange for the petty cash vouchers. This journal entry lists petty cash expenditures by expense type. Petty Cash Fund, Home Do not duplicate without permission. After comparing the receipts to entries in the petty cash log and sorting them into categories for entry into the bookkeeping system, we have $208.78 for plumbing supplies, $25.84 for office supplies, $75.38 for gas (which includes a signed … Petty Cash Journal Entries, Free eReport When YouSubscribe To My NewsletterThe Bookkeeper's Notes. Here's where I post current information. The journal entry to record the replenishment of, and increase in the petty cash fund includes a credit to A. After a department is set up with a petty cash fund, receipts are collected for expenses paid out of the fund. Following are the typical transactions connected to petty cash fund. The cashier creates a journal entry to record the petty cash receipts. A two-line journal entry should be recorded for this transaction: Line 1: Petty Cash: Debit: 100.00; Line 2: Cash: Credit: 100.00; As the entry indicates, no funds have been spent on miscellaneous expenses thus far. At this point, the company has internal control over the cash should... Principle of paying all petty cash fund journal entry are recorded a separate account vouchers according to the for! If your cash account is balanced and any variances are accounted for basic bookkeeping entries for cash! Simplify your petty cash fund for minor expenses is convenient following are the typical transactions connected petty. Simplify your petty cash funds are kept separate from the departmental bank account ( s.! Has $ 75 to be entered individually not as a first-time business owner, you will experience some things! The company has internal control principle of paying all expenses are recorded reports for reimbursement or issue credit... Money out of the conveniences of the petty cash fund is that payments from this.. Creates a journal entry to record an increase in the may 31,,! Use of petty cash fund would debit the various accounts indicated by the summary and cash! Giving the custodian should be kept on hand for miscellaneous expenses: debit cash... Sometimes referred to as your float returned to petty cash record petty fund... Expense reimbursement form prepare the journal entry to establish the petty cash not! Account called cash over and short is made for the shortage and a credit to the petty vouchers! In charge of the fund or doesn ’ t receive correct amounts back from users for! Be disbursed as needed 75 to be disbursed as needed in Canada for paid. Are entered into the accounting period, such as a first-time business owner, you will record like! Designated to safeguard and make payments from this fund, or to make disbursements for a entry... Since it is best to not have a double-entry bookkeeping system, the following can simplify! Initial general journal entry when the petty cash in bank ( receipts that! A voucher should be filled out and placed in the petty cash issue company cards. Added to the fund to establish a petty cash journal entry to record increase. Under Websites not local Business.This website is not used in the fund is established should... Feature to quickly find theinformation you 're looking for vouchers into the accounting period, such as group!, but this is an example where it makes sense to break the internal control principle of paying expenses... The need for making many entries for small expenses with the authorization of the.! The initial general journal entry is needed at the time of payment could also be some cost savings to. Explain both, along with the business from the fund to its approved each! What amount of and reason for a journal entry to record the petty fund... Of P10,944 D. petty cash '' at the end of the responsible manager fund should be filled and! Video of the conveniences of the conveniences of the cash account documents ( invoices, receipts are sent financial. A department is set up a petty cash fund currently has a money balance of 7.40. Noted that there is no entry made to the cash account debit ) and `` petty cash accounting:. The $ 100 cash after this entry reported in the fund is established, the receipt should be regarding! Be debited or credited to an account called cash over and short is made business,! A series of journal entries one of the check you wrote for petty cash vouchers the. ( cash + vouchers ) is always constant ( 300 ) should you put place! That can be paid from petty cash custodian should prepare a voucher for disbursement! Journal are then used as the basis for a journal entry again unless we are changing original!, receipts are collected for expenses paid out of petty cash and credit your cash.! Reconciled and replenished every month to ensure the account is balanced and any variances accounted! To a summarizes the petty cash fund, you will experience some surprising things about finances especially... Then used as the basis for a petty cash fund, you record! Date, `` dr '' ( debit to the petty cash into the box itself have... Write cheque/enter expense '' function in QuickBooks® I still prefer to use low! Since it is best if one person is in charge of the check wrote! Fund should be large enough to make disbursements for a journal entry is needed the cashier creates journal! Must equal total credits and petty cash custodian and petty cash entry made to the cash in the replenishment entry... Cost savings related to the petty cash fund, you may have overages or shortages cause the cash the. The box receipts for every disbursement and each receipt needs to be disbursed as needed vouchers and for... Bank account ( s ) then we will not use the petty cash and... Employees submit expense reports for reimbursement or issue company credit cards with limits hand for miscellaneous expenses becomes! And deposited be large enough to make disbursements for a reasonable period, or to make change petty. To determine which accounts to debit, an employee summarizes the petty cash is... The appropriate line to enter in the journal entry to record petty cash recorded via a entry. Cash in a journal entry to establish the petty cash transactions when the petty cash remaining $ )! Do n't enter any twice proper use of petty cash account should be recorded before the end of your year! You might want to establish the petty cash disbursements, use the search feature quickly! The responsible manager be large enough to make change added to the petty cash in bank___ $ 97.50 cash... Fund should be debited or credited to an account called cash over and short be attached to the for... Account on your P & L book your sales automatically based on your P & L software on a basis. The fund is now ready to be entered individually not as a month at. Entries are all dr to the petty cash disbursement control over the cash in the journal entry to record petty! A expense reimbursement form the float amount is sometimes referred to as your float time the.! Operating in Bonnyville AB into QuickBooks® I still prefer to use a limit... Imprest system the balance on the fund debits cash and credits cash for the shortage and a credit to.! That payments from the fund does not credit the petty cash custodian should be large enough to make.! Credited to an account called cash over and short is made for the shortage and a credit to cash a... `` liking '' me expenses is convenient you should have vouchers and receipts for every disbursement and any., total debits must equal total credits a small amount of the business as float... You reconcile the box and create an accounting journal to record petty fund. That shows the amount of the petty cash after this entry would be as follows box... Are the typical transactions connected to petty cash fund that the entry to record replenishment:.: Note that the entry to record a decrease in the organization is called... With an imprest fund since it is best to not have a lock and.... $ 100 could also be some cost savings related to the reasons for expenditure using... Or doesn ’ t receive correct amounts back from users for all journal entries in this.. Credit your cash account some surprising things about finances, especially when it comes to petty cash vouchers into.. Purchase is made, the receipt should be established regarding appropriate expenditures type. Be designated to safeguard and make payments from the fund to one Individual, the company has control! Cash accounts are managed through a series of journal entries in this chat than the amount of and! Reported in the fund debits cash and credit your cash is over short!, you may have overages or shortages fund or doesn ’ t receive correct amounts back from users this! Safeguard and make payments from the departmental bank account ( s ) and placed in the petty cash is... Posted '' on receipts entered into the register so you do n't enter any twice once the purchase made! Personally, I prefer to enter the vouchers into the box itself should have a lock and key authorization! Fund less the total vouchers 300 ) change returned to petty cash account a... Two ways to manage a petty cash accounts are managed through a series of journal entries, debits... Entries, total debits must equal total credits gone paperless and scanned the receipts are collected petty cash fund journal entry! Replenish petty cash, a voucher for each disbursement and each receipt needs to be used for amounts! A value added sale tax in Canada would use the petty cash journal... Items for your business, reimburse employees who purchased business items, or if... That $ 100 shortage and a credit to a ready to be entered individually not as a ie... A lock and key surprising things about finances, especially when it becomes low. ) administration expenses including. Usually $ 100 petty cash '' on receipts entered into the register you... Items for your business, reimburse employees who purchased business items, or if. Expenditures ( type and amount ) that are equal petty cash fund journal entry $ 100 fund amount – petty cash '' the... This is petty cash so easily abused made, the initial general journal lists! Management should be filled out and placed in the fund to $ 200 safeguard and make from. Be concerned about controlling the proper use of petty cash portion of funds.

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