What is a small money account?

Palite cash account is not a type of bank account, but rather a fund maintained inside the company. The amount of small cash contains a small amount of cash and is mainly used to buy in the use of checks, debit cards or credit cards would be frivolous. Cash can also be used to change if there is not enough at the cash register. Only one or two people are assigned to Petty's cash account and all the money is made or placed in them are charged in the book. Cash is kept in locking and is usually stored in the place of business.

Petty cash accounts are always used to store a small amount of money. The most common amount is around $ 100 (USD) for small businesses that do not have many expenses. Larger businesses can maintain up to $ 1,000, but usually no more than that, as higher amounts increase the potential loss if theft occurs. To store small cash, it is usually locked in locking that is kept in business.

The purpose of a small cash account is to have a small fund PENo way when you need to make small purchases. The account comes to the game when the purchase is so small that it is not worth passing through the formal channels needed to obtain a check or obtain permission to use a credit or debit card. The change can also be made from a small cash account if there is not enough cash at the cash register, and if no one is available to get money from the bank, small cash can temporarily replenish the register.

Whenever money is excluded from or placed on the role of petty cash, someone marks the amount. For example, if $ 5 is discarded, even if any purchase remains from any purchases, $ 5 is marked as a download. This ensures that there is no theft, and also ensures that managers know exactly how much money is in the account. When the change is returned, it is also recorded.

Few people within the company have access to a small cash account. One or two people will probably be in charge of the account. If one person is in charge of removalCash from the account and adding an account with the marking of any selection or deposits. If there are two people, either both people have control of money and accounting, or one person is assigned to money and the other is assigned to accounting.