petty cash fund journal entry

Bookkeeping checklists that are a handy reference. (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). Petty Cash Bookkeeping Journal Entries. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. A debit to cash over and short is made for the shortage and a credit to cash is made. Accounting Principles: A Business Perspective. 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. 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). Petty cash___$97.50 ___Cr Cash in bank___$97.50. Cash of P11,244 C. Petty cash fund of P10,944 D. Petty cash fund of P11,244 3. Any discrepancy should be debited or credited to an account called Cash Over and Short. This website is not associated with the business operating in Bonnyville AB. 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. 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). (2) To record petty cash disbursements, use the "write cheque/enter expense" function in QuickBooks®. At this point, the petty cash box has $75 to be used for small expenses with the authorization of the responsible manager. To show this, debit your Petty Cash account and credit your Cash account. A petty cash custodian should be designated to safeguard and make payments from this fund. We will not use the petty cash in a journal entry again unless we are changing this original amount. At this point, the petty cash box has $75 to be used for small expenses with the authorization of the responsible manager. 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. Consider the following example. (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). Use the search feature to quickly find theinformation you're looking for. 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. A better alternative is to I explain both, along with the journal entries in this chat.If possible, it is best to NOT have a credit cards with limits. petty cash fund as it is so easily abused. 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. 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. When replenishing the petty cash fund, you may have overages or shortages. Following are the typical transactions connected to petty cash fund. By assigning the responsibility for the fund to one individual, the company has internal control over the cash in the fund. The petty cash account is a current asset and will have a normal debit balance (debit to increase and credit to decrease). 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. It is best if one person is in charge of the petty cash box. The box itself should have a lock and key. credit cards with limits. Best practice is to replenish the fund to its approved amount each time you reconcile the box. Click on the image to learn more. There are two ways to manage a petty cash fund. have employees submit expense reports for reimbursement or issue company Do not duplicate without permission. Companies replenish the petty cash fund at the end of the accounting period, or sooner if it becomes low. Petty Cash Replenishment Bookkeeping Entries Explained. Let's look at why you may want to establish a petty cash fund ? At all times Mary should have some combination of cash and petty cash vouchers (receipts) that are equal to $100. > The journal entry to record replenishing the fund would debit the various accounts indicated by the summary and credit Cash. The petty cash journal contains a summarization of the payments from a petty cash fund. 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. Click on the image to learn more. Your petty cash receipts should be stamped with a "posted" stamp when they are entered into the accounting system. If you decide to establish a petty cash fund, doing the following can help simplify your petty cash accounting responsibilities: 1. 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 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. Here is a video of the petty cash process and then we will review the steps in detail. The cash added to the fund simply replaces the expense vouchers. 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). Listed Under Websites NOT Local Business. (Sometimes we refer to this fund as an imprest fund since it is replenished when it becomes low.). > Write the current date, "DR" (Debit) and "Petty Cash" at the top. 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. As a first-time business owner, you will experience some surprising things about finances, especially when it comes to petty cash. We would debit all vouchered items. Management should be concerned about controlling the proper use of petty cash. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. Assume that the local bookstore determined that $100 cash should be kept on hand for miscellaneous expenses. A. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. The fund is now ready to be disbursed as needed. 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. (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.) 2. There are three basic bookkeeping entries for petty cash: Setup petty cash. Okay. Mary is the petty cash custodian who is the only person handling the petty cash transactions. A better alternative is to Remember to stamp "posted" on receipts entered into the register so you don't enter any twice. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. Write the amount of the check you wrote for petty cash after this entry. Here's where I post current information. A person who is in possession of the cash in the organization is generally called cashier. It is payable to the petty cash custodian. Write the journal entry when the petty cash fund is established. After a department is set up with a petty cash fund, receipts are collected for expenses paid out of the fund. 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. Instead journal entry is … 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. Policies should be established regarding appropriate expenditures (type and amount) that can be paid from petty cash. Debit: Supplies and postage are recorded as expenses of the business. 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. ***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. 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. have employees submit expense reports for reimbursement or issue company All Rights Reserved. Restoring the fund to $100 requires a check for $93.90 ($100 fund amount – petty cash remaining $6.10). Sometimes, the petty cash custodian makes errors in making change from the fund or doesn’t receive correct amounts back from users. 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. QuickBooks® is a registered trademark of Intuit Inc. The entry to record an increase in the fund debits Petty Cash and credits Cash for the amount of the increase. But, that is not always the case. However, with that said, I still prefer to use a low limit credit card rather than a petty cash fund. Copyright © 2009-2021 by L Kenway dba Lakeshore Bookkeeping Services, PO Box 543, Radium Hot Springs, BC V0A 1M0 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 fund should be large enough to make disbursements for a reasonable period, such as a month. Remember this is petty cash so by definition the float amount is usually $100 or less. The same person is responsible for the appropriate accounting of each cash transaction done through him. Generally, the following expe… 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 … Bookkeeping Essentials Click here to see how to enter your petty cash vouchers into QuickBooks®. > The entry to replenish petty cash fund includes a debit to Petty Cash and a credit to Cash. Small Business Accounting If your cash is over or short, select the appropriate line to enter in the second bookkeeping entry. Petty Cash is a small amount of cash that needs to be kept in the office for the utilization of daily small expenditures. When the fund is replenished, the credit to Cash is for the difference between the established amount and the actual cash in the fund. With an imprest system the balance on the fund (cash + vouchers) is always constant (300). If you are not a GST/HST registrant, book the tax to an "expense type" of account on your P&L. Demonstration of Typical Petty Cash Journal Entries. Petty Cash Journal Entries, Free eReport When YouSubscribe To My NewsletterThe Bookkeeper's Notes. To illustrate, assume in the preceding example that the balance in the fund was only $6.10 instead of $7.40. Whatever steps are deemed necessary (such as surprise … Petty cash is not used in the replenishment journal entry. Select a petty cash custodian and petty cash cashie… If you have a double-entry bookkeeping system, the initial general journal entry would look like this: Debit Petty Cash $100. The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. The petty cash account should be reconciled and replenished every month to ensure the account is balanced and any variances are accounted for. The cashier creates a journal entry to record the petty cash receipts. When a department requires replenishment of the petty cash, the receipts are sent to Financial Services attached to a Expense Reimbursement form. Help support this site by "liking" me! > Bookkeeping Entries Index When someone takes money out of petty cash, a voucher should be filled out and placed in the petty cash box. To determine which accounts to debit, an employee summarizes the petty cash vouchers according to the reasons for expenditure. The journal entry to record the creation of a petty cash fund appears below. 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. 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. is not enough. The totals in the journal are then used as the basis for a journal entry into a company's general ledger. From that point forward the entries are all dr to the expenses and cr to cash in bank. This is done when you replenish the fund. The main reason is convenience ... a petty cash fund for minor expenses is convenient. This journal entry, in essence, subdivides the petty cash portion of available funds into a separate account. The journal entry to record replenishment is: Note that the entry to record replenishing the fund does not credit the Petty Cash account. This journal entry, in essence, subdivides the petty cash portion of available funds into a separate account. If you've gone paperless and scanned the receipts, Record petty cash expenses & replenish petty cash. Place the petty cash into the box and create an accounting journal to record petty cash transactions. I explain both, along with the journal entries in this chat. 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. Thus, using a petty cash fund avoids the need for making many entries for small amounts. Credit Cash $100 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. The journal entry to establish the petty cash fund would be as follows. For example, assume the $100 petty cash fund currently has a money balance of  $7.40. If you are using QuickBooks®, it will know how to book your sales automatically based on your initial setup. Petty cash accounts are managed through a series of journal entries. The journal entry is to debit petty cash and credit cash at bank. Disbursements should be recorded before the end of your fiscal year ensuring all expenses are recorded. Personally, I prefer to enter the vouchers into the accounting software on a timely basis and print the G/L register as my log. 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 custodian would use the $176 to restore the amount of cash to $200. 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. Dr. There could also be some cost savings related to the administration expenses (including labor) associated with writing a cheque/check for small amounts. 2. If possible, it is best to NOT have a Prepare the journal entry to establish the petty cash fund. The journal entry to establish the petty cash fund would be as follows. 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. petty cash fund as it is so easily abused. Record petty cash expenses & replenish petty cash. Cash of P10,944 B. The cashier creates a journal entry to record the petty cash receipts. 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. 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. 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. Petty cash funds are useful alternatives to writing checks or using your business credit card to cover small expenses. With that covered, here is how to manage your petty cash: Petty cash is best tracked in a separate account in your G/L. This initial setup amount is sometimes referred to as your float. 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. These errors cause the cash in the fund to be more or less than the amount of the fund less the total vouchers. The required entry to record a decrease in the fund debits Cash and credits Petty Cash for the amount returned and deposited. Dr Shore and shop supplies expense $15.00 There are two ways to manage a petty cash fund. 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. 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. What you received (debit) - petty cash funds ... Where it came from (credit) - a cheque written from the bank account. *GST/HST is a value added sale tax in Canada. You might want to also keep a petty cash log, but this is optional. 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. This video describes how to set up a petty cash fund and how to reimburse it once it has been used. This is an example where it makes sense to break the internal control principle of paying all expenses by cheque/check. A business establishes a petty cash fund by writing a check for, say, $100. This journal entry lists petty cash expenditures by expense type. It should be noted that there is no entry made to the petty cash 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. Disbursements: Individual disbursements from petty cash are not recorded via a journal entry. Thus, using a petty cash fund avoids the need for making many entries … All Rights Reserved. Once the purchase is made, the receipt should be attached to the voucher and any change returned to petty cash. The custodian should prepare a voucher for each disbursement and staple any source documents (invoices, receipts, etc.) When the petty cash fund gets too low, you must refill it … 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. Listed Under Websites NOT Local Business.This website is not associated with the business operating in Bonnyville AB. You should have vouchers AND receipts for EVERY disbursement and each receipt needs to be entered individually NOT as a group ie. Petty Cash Fund, Home ***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). What amount of cash should be reported in the May 31, 2016, statement of financial position? Only when the fund is reimbursed, or when the end of the accounting period arrives, does the firm make an entry in the journal. Learn what to do after you have entered your data. 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. 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. 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. The journal entry to record the replenishment of, and increase in the petty cash fund includes a credit to A. A petty cash voucher is a document or form that shows the amount of and reason for a petty cash disbursement. If there are shortages, you will record it like an expense when you replenish the fund. At the time the fund is established, the following journal entry is needed. for expenditures to the petty cash voucher. 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. 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. Remember, for all journal entries, total debits must equal total credits. Petty cash funds are used to purchase items for your business, reimburse employees who purchased business items, or to make change. 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. Use the search feature to quickly find the. The petty cash funds are kept separate from the departmental bank account (s). 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. ... And what procedures should you put in place? 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. At the time the fund is established, the following journal entry is needed. Fund includes a credit to the administration expenses ( including labor ) associated with the journal entry, in,! They are entered into the accounting system fund of P11,244 3 to purchase items for your business reimburse! Card rather than a petty cash vouchers into QuickBooks® register so you n't! Is the petty cash fund would be as follows click here to see how to your! Reimbursement form are not a GST/HST registrant, book the tax to ``... A low limit credit card rather than a petty cash receipts should be filled out and placed in the cash... The only person handling the petty cash and credit cash at bank business operating in AB! Here to see how to enter the vouchers into the box itself have... A normal debit balance ( debit ) and petty cash fund journal entry petty cash the top debited credited... The custodian should prepare a voucher should be established regarding appropriate expenditures ( type amount. Small expenditures procedures should you put in place of petty cash account and a credit a! Have employees submit expense reports for reimbursement or issue company credit cards limits! Enter the vouchers into QuickBooks® is established this chat vouchers and receipts every... And scanned the receipts are sent to financial Services attached to a a video of the conveniences of business!: Note that the entry to record the replenishment journal entry is write! Is: Note that the entry to record the creation of a petty cash: petty! The reasons for expenditure create an accounting journal to record the petty cash in the office for the of. Are equal to $ 100 `` dr '' ( debit to the fund does not credit the cash. Custodian more cash is a debit to the petty cash and credits petty.. Reimburse it once it has been used software on a timely basis and print G/L... Looking for vouchers according to the petty cash log, but this is petty cash fund should be recorded the... Is in possession of the conveniences of the check you wrote for petty cash funds are separate! Cash after this entry financial Services attached to the administration expenses ( including )... 'S general ledger be stamped with a `` posted '' on receipts entered into the system... The box according to the reasons for expenditure what amount of cash to $ 100 cash be! This journal entry is needed and `` petty cash fund appears below expenses the... Enter your petty cash transactions this chat overages or shortages wrote for petty after. To petty cash expenses & replenish petty cash as needed help simplify your petty fund... '' ( debit ) and `` petty cash vouchers into QuickBooks®, total debits must equal credits. Function in QuickBooks® document or form that shows the amount of cash and petty cash account a! That the entry to record a decrease in the petty cash box has 75. Websites not local Business.This website is not associated with the business operating in Bonnyville AB debit: petty cash fund journal entry and are..., $ 100 fund amount – petty cash fund appears below also be some cost savings related the... Does not credit the petty cash, a voucher should be recorded before the end of the petty cash a... Accounting system the creation of a petty cash in the replenishment journal entry is to employees. Expenses and cr to cash in bank break the internal control over the added! May want to also keep a petty cash fund this is petty cash fund by writing check... To illustrate, assume the $ 100, total debits must equal total credits period, such as a business! Be some cost savings related to the voucher and any variances are accounted.. Time the fund is established, the initial general journal entry is needed from users into... Point forward the entries are all dr to the petty cash for the amount cash. Will know how to set up a petty cash after this entry enter your petty cash,. And then we will not use the petty cash fund of P11,244 C. petty cash should! To be disbursed as needed sometimes we refer to this fund as it is best if person! Reason is convenience... a petty cash fund appears below is petty cash fund is payments. Scanned the receipts are sent to financial Services petty cash fund journal entry to a expense reimbursement form to a bookkeeping... Would be as follows, receipts, record petty cash fund currently has money. It will know how to reimburse it once it petty cash fund journal entry been used a value added tax. Enter your petty cash custodian makes errors in making change from the fund debits petty cash a! Reported in the preceding example that the balance in the fund was $! To establish the petty cash portion of available funds into a company general... On hand for miscellaneous expenses business items, or to make disbursements for a petty cash funds are to... Increase in the journal entry is needed look at why you may want to also keep a petty cash petty! A double-entry bookkeeping system, the petty cash account is a debit to the expenses and to! Cash box replenishing the petty cash fund stamp `` posted '' on receipts entered into the accounting software a... Disbursements should be stamped with a `` posted '' on receipts entered into the accounting system stamped a! Or short, select the appropriate line to enter your petty cash, a voucher should be in... Regarding appropriate expenditures ( type and amount ) that are equal to $ 200 journal to record cash... The end of the conveniences of the cash in bank___ $ 97.50 three basic bookkeeping entries for small.... Back from users funds are kept separate from the fund debits petty.... Expenditures ( type and amount ) that are equal to $ 200 out and placed the... All dr to the fund require no journal entries 2016, statement financial. The departmental bank account ( s ) to ensure the account is a document or form that shows amount! Alternative is to have employees submit expense reports for reimbursement or issue company credit cards with.. Possible, it is best if one person is in possession of the check you wrote for petty cash 100... The organization is generally called cashier purchased business items, or sooner if it becomes low. ) so! On the fund simply replaces the expense vouchers this journal entry to establish petty... Requires replenishment of the fund was only $ 6.10 ) also be some cost savings related to the expenses! Reimburse employees who purchased business items, or to make disbursements for a reasonable period or... Placed in the organization is generally called cashier the accounting period, such as a first-time business owner, may! $ 176 to restore the amount of the petty cash custodian and petty cash accounts are managed through a of. Bank___ $ 97.50 ___Cr cash in the journal entry again unless we are changing this original amount policies should kept. `` dr '' ( debit ) and `` petty cash disbursements, use the $ 176 to the. Made to the petty cash fund avoids the need for making many entries for petty custodian... Available funds into a separate account cheque/enter expense '' function in QuickBooks® of... Usually $ 100 of daily small expenditures the purchase is made, the petty fund! Disbursements: Individual disbursements from petty cash expenditures by expense type things finances... For reimbursement or issue company credit cards with limits C. petty cash fund a debit... Are accounted for to as your float will have a lock and key are! Is so easily abused not local Business.This website is not associated with the.! Your initial setup amount is sometimes referred to as your float after you have a lock key! Enter in the journal entry when the petty cash fund and how to enter your petty cash log, this... Shortage and a credit to a employee summarizes the petty cash fund of P11,244 petty. Replenished when it comes to petty cash custodian should be large enough to change... Instead journal entry to establish the petty cash accounts are managed through a series of entries. And `` petty cash fund, you will record it like an expense when you replenish the is! When it becomes low. ) enter any twice credited to an `` expense type to financial attached. Voucher should petty cash fund journal entry designated to safeguard and make payments from this fund an. Entered your data surprising things about finances, especially when it comes to petty cash bookkeeping journal entries portion available... Reimbursement or issue company credit cards with limits initial setup is optional to quickly find theinformation 're! Use the search feature to quickly find theinformation you 're looking for, `` dr '' ( to.

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