What are the different types of small cash procedures?
Petty cash procedures are determined by businesses or other organizations to manage a small amount of cash. This cash is called a small cash fund and is used for writing a check or using a company credit card. The company assigns a depository whose task is to ensure that all money is charged through a confirmation or other appropriate documentation. The Small Cash Fund can also replace the company's credit card need for more people who make small purchases. This in turn reduces responsibility for society. Sometimes regular routine purchases are carried out to drop below a certain amount of the dollar, and therefore the work is ineffective to write a check for payment. In this case, the company or controller should be closer to the purpose of setting up a small cash fund.
If there is already a small cash fund, it is necessary to have the right little to track moneyno money procedures. This will happen in two ways: payment or payment. The payment occurs when the purchase has already been made and the person submits a confirmation or other documentation to be returned for the money spent. The deposit occurs when cash is paid for a purchase that has not yet been made. In this case, a voucher or other documentation should be inserted into the small cash fund at the time of the payment. This voucher will show who paid out the money and who received the money, along with the date, purpose and other relevant information. The voucher remains in a small cash fund until the confirmation is returned.
The small cash fund depository is usually based on petty cash procedures. This is usually a certain position, such as the head of the office, which is assigned to the duty. The depository is then responsible for the whole small cash fund. The amount of money in Petty Cash Fund plus voucher must be equal at any time the total original amount of the fund.
detailed petty money procedures are necessaryfor monitoring money within a small cash fund. This is because whenever there is cash, there is a potential for abuse. The Small Cash Fund should often be monitored by a supervisor to capture any inconsistencies or potential problems.