Petty Cash Report Template

The term petty cash is used in business to refer to a small amount of money that is available with the accountant of the organization or its accounts department. It is used for the everyday cash expenses of the business, like daily wages, newspaper expenses, petrol expense, etc. These expenses differ from company to company and depend on its size, the industry it is in, the net worth of the company, etc. Every little expense that is incurred during the course of a working day, no matter how small the amount is, and every amount that comes in, should be recorded in the Petty Cash Report.

An organization may have to spend on a lot of things on a daily basis. Beginning from newspapers to daily wages, everything is paid from the petty cash fund. This is why it is important to create a Cash Receipt Templates. Hire an accountant to draw up a Petty Cash Report. Payments made and money received on a daily basis needs to be documented accurately so that it is easy for the accountant to take stalk of the financial situation of the company at the end of the month.

Petty Cash Book Template Format

Petty Cash Book Template

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Petty cash also includes money received from funding sources which is basically a source of income. This should also be recorded, no matter what the amount. An accurate record of money coming in is also necessary for running a business. It may seem like a small amount in hand but this is the fund you use to make daily payments to employees, vendors, etc.

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Recording, maintaining, and controlling a tight and stable process of accounting for petty cash ensures that your business runs smoothly. This is an accurate method and accounting for petty cash becomes less time consuming. It rules out mistakes and frauds. The petty cash needs to be updated without even the slightest delay. This helps at the time of audits. If the Petty Cash Report is at hand at the time, confusion can be avoided.

Petty Cash Log Templates

Petty Cash Log Templates

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Maintain a spreadsheet with the date, the amount spent in cash or in check, the check number (if it has been paid by check), the name of the payee, the purpose of the payment made, the description, the initial balance of petty cash as deposit, and the balance after the amount is paid out. This way you prepare a Petty Cash Report template that will help keep a tab on how much is going out on a daily basis and what the balance is at the end of the day.

If your organization has petty cash receipts, it may also help to streamline the process of creating a Petty Cash Report. Put in the date and the receipt number in an excel sheet. Then put in the description of the petty cash, for example: coffee for all employees. Put in the amount deposited and the amount withdrawn. Add a column for which account you are charging it to. Add the name of the person receiving the petty cash. Lastly, add the name of the person that approved the transaction. Your Petty Cash Report should be presented in a comprehensive and professional way.