Those who are running businesses or any company or organization know the value of petty cash very well. Petty need to be monitored carefully in an organization. It is important to maintain a record of it. As it is a small proportion of money so keeping a record of it a little difficult thing to do and requires effort.
It is normally used for emergency expenses in an organization. It is usually kept in an office or in the reception.
Use of petty cash
Its uses in normal routine are:
- It is used to buy minor items like snacks at lunch time, stationary etc.
- It is used to give change.
- It is kept as a money that can be used after the big amount istransferred in the bank account.
Usually people design a petty cash holder for it that has normally two sections one for the coins and one for the vouchers. It is locked to be kept secure and safe. One needs to decide the amount he/she needs to keep as a petty cash in his/her office. Sometimes people withdraw it from the bank to be used as petty cash. The best way to keep a record of all the petty cash is to maintain a petty cash log. It can easily be downloaded from the net.
This template is divided into sections. They tell you about the amount of deposited petty cash, with drawl and its use regarding different chores.