Petty Cash Accounting

The cashier creates a journal entry to record the petty cash receipts This is a credit to the petty cash account, and probably debits to

2 Fixed system of petty cash Unlike the open system, here, the petty cashier is given a fixed amount of money for a fixed amount of period Once the period is

paticash Petty Cash Funds To help departments pay for small expenses for everyday business and have cash on hand for these situations, a petty cash fund can be set up

paticash Petty cash is a small amount of cash belonging to a business and kept on its premises Typically, petty cash will be used for small incidental office costs