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How to Keep Track of Petty Cash
How to Keep Track of Petty Cash, Quickbooks: How to Setup a Petty Cash Account

How to Keep Track of Petty Cash

Following petty cash is a significant feature of small-business financial management. Failure to do so might leave you with an incorrect or incomplete picture of your company's financial situation. It can also lead to defective accounting, frivolous or wasteful spending, or loss or theft through unscrupulous employees. Prevent these issues through keeping constricted controls over how your small business uses petty cash, as well as who has access to it.

Write a petty cash policy for your small business. Your policy must clearly outline what is and isn't an acceptable use of the cash fund; such uses preferably are limited to business expenses. Stamps for occasional mailings or cleaning supplies for the restroom are characteristic small-business expenses covered by petty cash. The money must not be used for employee personal expenses. Your policy might comprise a limit on petty cash withdrawal amounts, the requirement for receipts for items purchased out of petty cash, and a list of employees who are authorized to approve and distribute withdrawals. Confirm all employees are acquainted with the petty cash policy.

Establish a set amount of money to be continued for petty cash use, based on the types and amounts of small cash expenses you naturally make.

Buy a locking cash box for your petty cash and store it in a safe location at your small business. Limit the number of employees having access to the box. This makes it stress-free to safeguard all transactions are recorded and reduces the opportunity for employee theft.

Set up a sign-out sheet or numbered voucher system and store these with the cash box. Document all expenditures from petty cash on the sign-out sheet, which should list the employee's name, the date, the amount of cash withdrawn and the purpose of the withdrawal. As an alternative, fill out a voucher with the same information and give it to the petty cash recipient. When the purchase is completed, the employee returns the voucher, attached to the dated receipt exactness the purchase.

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