The voucher information may come from the petty cash book. Business owners may designate an accounting employee to handle the petty cash. The amount disbursed from the petty cash should be reimbursed when the fund falls to the level at which it must be replenished. The person being reimbursed completes a reimbursement voucher. The disbursement procedure for petty cash is designed to provide sufficient documentation of each expenditure, as well as proof that funds were actually disbursed. The petty cash disbursement procedure is outlined below: Screen disbursement requests. The procedure for petty cash funding is outlined below: Complete reconciliation form. Obtain all the petty cash vouchers that have not been reimbursed. This voucher should contain the amount disbursed, the type of expense, the date, and the person to whom the petty cash was paid. The petty cash disbursement policy must make it mandatory for petty cash claims to be backed by receipts. Store all completed vouchers in the petty cash box. The petty cash disbursement procedure is outlined below: Screen disbursement requests. 5. As responsibilty is transferred between the two make sure that cash and vouchers are counted to reconcile the amount of funds. Check Request Form. PETTY CASH PURCHASES AND VOUCHERS An employee making a purchase with petty cash must follow this process 1) Obtain approval from department manager or supervisor 2) Complete a petty cash voucher issued by the department manager 3) Obtain petty cash funds for the equivalent amount of the petty … Must be signed and dated by the fund applicant/custodian and department approver/manager.

In such cases the person approving should assess the reasonableness of the expenditure. Record vouchers in general ledger. To determine the amount of the float, consider the typical small payments you make within a defined period such as a week or month and set a reasonable float amount. In a small company, it may not be possible to have different people responsible for the petty cash funds, keeping the petty cash accounts and approving petty cash payment. Petty Cash Action Form. Check that the vouchers are in order and calculate the total amount disbursed. The float reduces the risk of holding too much cash that you may not require, or indeed too little cash. 7 Simple Steps To Improve Control Over Petty Cash. Petty cash reimbursement shall be made by cash (amount less than RM200) or remitted via Direct Debit (amount more than RM200) to the claimant within seven (7) working days upon received the approved claim form. When cash is added to a petty cash fund, the basic concept is to replace the amount of any cash that had previously been disbursed from the fund. The accounts payable staff forwards the petty cash reconciliation form to the general ledger accountant. This information can also be maintained on an electronic spreadsheet. A primary custodian and secondary custodian. Add cash to petty cash fund. taxi rides, receipts may not be available.

Must include a unique 8-character Voucher Number. Count the cash being disbursed, and have the recipient count it as well, to verify the amount being paid. Disburse cash.

Disburse funds only for minor business expenses. Use petty cash vouchers for all petty cash transactions. The general ledger accountant records the voucher amounts listed in the petty cash reconciliation form as expense in the general ledger, and then files the form and attached vouchers. For security reasons, the petty cash fund should be locked at all times when it is not in use. The five (5) digit object code is 22900 – Petty Cash Advances (Field 7) and the recipient of the cash is Jamil Besmillah who is the petty cash fund Custodian (Field 8).

Total up the amounts on the vouchers and ensure that the total calculated agrees with the reimbursement sought. Whenever a voucher is completed, the custodian should immediately update the petty cash book by adding the amount, type, and date of the expenditure and updating the running cash balance. Agree the balance calculated to the cash on hand. Petty cash, also known as petty cash fund, is a small amount of cash on hand that is used for paying small, everyday business expenses. The float is the maximum amount that can be held in petty cash at any time. Create an account payable request for the approved petty cash fund The manager will receive funds along with the petty cash policy which must be signed upon receiving. Update petty cash book (optional). In a few cases, e.g. The cashier gives the cash to the petty cash custodian, who includes it in the petty cash fund. 4.3.2. In this system, petty cash requests should be recorded on a petty cash voucher and approved by an authorized person before disbursement. The petty cash and the supporting documents should be available at the time of the count. The amount in a petty cash fund will vary by organization – how much is held, and how the petty cash is used are determined by the managers of the business. Petty cash is intended for small payments, but in many businesses, petty cash becomes the primary fund for making cash payments.Many Ghanaian businesses have weak controls over petty cash. Payments that exceed the limit should not be paid out of petty cash. Finally, a running balance is maintained in … Petty cash is a small amount of money set aside for miscellaneous expenditures. For example, amount not exceeding GHS 100. The seven simple steps you must take to strengthen controls over petty cash and avoid losses are: 1.

The disbursement procedure for petty cash is designed to provide sufficient documentation of each expenditure, as well as proof that funds were actually disbursed. To request reimbursement, the petty cash holder must submit all petty cash vouchers together with the relevant supporting documents. SCG Chartered Accountants was set up with one central mission – to provide value-driven results with you central to our thinking.

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