Petty Cash Reconciliation Form Fill Online, Printable, Fillable
Petty cash should not be used for recurring expenses. For example, it can be used to purchase additional postage, paper towels, coffee or other basic office supplies. It is a very liquid asset, which means it is easily stolen. It’s a small amount of money that a company will keep on hand for intangible expenses. It is part of the financial records of a company. A business has a small amount of money to quickly buy various small expenses.
Each reconciliation goes through the next, providing you with transparent accounting of your petty cash expenses at the end of the year. Cash reconciliation is a process used to compare balances between ledgers and the sum of funds available. Bringing the crates together is easy work if you do it regularly.
A cash reconciliation can be done at any time. A reconciliation of the petty cash fund must be done on a normal basis. Reconciliation of the fund is an official part of the replenishment process. The reconciliation must be completed or verified by someone other than the custodian. A monthly reconciliation of the current account is required for a departmental staff member who does not manage the funds associated with the project to maintain segregation of duties.
The petty cash must be brought in periodically. It can not be used for refunds of any kind, including travel. The petty cash may not be used to purchase goods covered by a MCCCD cooperation agreement. Reconciling petty cash is an important part of a company’s internal controls. You must bring your petty cash closer before replacing the amount therein. The very first step is usually to count the actual cash available to determine the immediately verifiable amount.
Money should not be stored in desk drawers or filing cabinets as it can be accessed. In addition, the money will want to be counted and the total should be the total at the base of the petty cash journal. Available cash and receipts for disbursed disbursements must total the amount of funds.
If a fund is not used for a large part of the calendar year, the fund must be deposited until it is needed again and a duplicate of the money list must be sent to the office. financial services accounting. If replenishment is more frequent than every two weeks, an assessment should be made to determine if the level of the fund should be increased. Petty cash funds should not be mixed with other college or individual funds. Schedule All petty cash funds must be reconciled and repaid at least once a month. Appointment The petty cash fund must be secured at all times. The sum of a petty cash fund should be limited to the minimum amount required for efficient operations. It can help you easily pay money to your church employees for small expenses and also allows you to book hours when you may need to purchase supplies and similar items.