Petty Cash Record Research Paper

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How and Why I keep petty cash records. My role as a team leader is to be responsible to keep a petty cash fund to pay for small daily business expenditures such as fuel, food, office supplies and travel etc. Each senior for the day will begin with checking the balance and ensuring that it is correct and balances with the shown balance in the cash book, recording this as a balance check and reporting directly to me if there are any discrepancies. Every time a small cash transaction takes place I record the times we use the petty cash in the cash book, I include a description of the expenditure, the date and the amount of cash I have used from the petty cash purse. I keep the receipts to verify the expenditure and write out a…show more content…
Each individual transaction is transferred onto the spreadsheet and numbered in order of date spent starting with the earliest date from the prior week. Once this is all transferred the balance on the spreadsheet should be the same as the balance in the petty cash book. I then send this off via email to my accounting department. I print out a hard copy for our records and then post the actual receipts to the accounting head office to be checked individually. If they wish to enquire about a transaction or clarify why a expenditure occurred they contact me directly so I can then give them the information required on the expenditure and take further advice from my accounting team for future reference. It is important that as the team leader for the home I support our accounting team to keep accurate petty cash records for the team as this is how they can monitor expenditure, set budgets and reclaim expenses against any profit made from the business as a whole. It is also a legal requirement as a business that we keep accurate records for any governmental department that may wish to audit the

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