How To Do Petty Cash Accounting & Recording in 6 Steps
Petty cash funds are useful alternatives to writing checks or using your business credit card to cover small expenses. Petty cash funds are used to purchase items for your business, reimburse employees who purchased business items, or to make change. During the period, ABC Co. also received $500 from a customer as cash. Petty cash journal entries at a glance Managing a petty cash fund efficiently requires accurate petty cash journal entries and regular replenishment….