Definitions for petty cash
petty cash

Princeton's WordNetRate this definition:0.0 / 0 votes

1. petty cashnoun

   a small fund of cash that a firm keeps for the payment of incidental expenses

WiktionaryRate this definition:0.0 / 0 votes

1. petty cashnoun

   a small amount of cash kept by a company, used for low-cost immediate expenditure

WikipediaRate this definition:0.0 / 0 votes

1. Petty cash

   Petty cash is a small amount of discretionary funds in the form of cash used for expenditures where it is not sensible to make any disbursement by cheque, because of the inconvenience and costs of writing, signing, and then cashing the cheque.The most common way of accounting for petty cash expenditures is to use the imprest system. The initial fund would be created by issuing a cheque for the desired amount. An amount of $100 would typically be sufficient for most small business needs as the expenses to be covered are for small amounts. The bookkeeping entry for this initial fund would be to debit Petty Cash and credit bank account. This cheque would then be cashed to acquire the actual cash needed for payments. As expenditures are made, the custodian of the fund (a bookkeeper or a member of the administration staff) will reimburse employees and receive a petty cash voucher with a receipt/invoice attached in return. At any given time, the total of cash on hand plus reimbursed vouchers must equal the original fund. When the fund gets low, e.g. $20 remaining, the custodian requests a top up and submits the vouchers for reimbursement. Assuming the vouchers add up to $80, an $80 top up cheque is issued and an $80 debit towards office expenses is recorded. Once the cheque is cashed, the custodian again has cash at the original amount of $100.

ChatGPTRate this definition:0.0 / 0 votes

1. petty cash

   Petty cash is a small amount of cash that businesses keep on hand to cover minor or incidental expenses, such as office supplies or reimbursement for small business expenses. It is often stored in a secure box or drawer and is managed by a designated person who tracks the disbursement and replenishment of the fund.

WikidataRate this definition:3.0 / 1 vote

1. Petty cash

   Petty cash is a small amount of discretionary funds in the form of cash used for expenditures where it is not sensible to make any disbursement by cheque, because of the inconvenience and costs of writing, signing and then cashing the cheque. The most common way of accounting for petty cash expenditures is to use the imprest system. The initial fund would be created by issuing a cheque for the desired amount. An amount of $100 would typically be sufficient for most small business needs as the expenses to be covered are for small amounts. The bookkeeping entry for this initial fund would be to debit Petty Cash and credit bank account. As expenditures are made, the custodian of the fund will reimburse employees and receive a petty cash voucher with a receipt/invoice attached in return. At any given time the total of cash on hand plus reimbursed vouchers must equal the original fund. When the fund gets low, e.g. $20 remaining, the custodian requests a top up and submits the vouchers for reimbursement. Assuming the vouchers add up to $80, an $80 top up cheque is issued and an $80 debit towards office expenses is recorded. Once the cheque is cashed, the custodian again has cash at the original amount $100.

Matched Categories

1. • Fund

How to pronounce petty cash?

1. Alex

   US English

   David

   US English

   Mark

   US English

   Daniel

   British

   Libby

   British

   Mia

   British

   Karen

   Australian

   Hayley

   Australian

   Natasha

   Australian

   Veena

   Indian

   Priya

   Indian

   Neerja

   Indian

   Zira

   US English

   Oliver

   British

   Wendy

   British

   Fred

   US English

   Tessa

   South African

How to say petty cash in sign language?

Numerology

1. Chaldean Numerology

   The numerical value of petty cash in Chaldean Numerology is: 7

2. Pythagorean Numerology

   The numerical value of petty cash in Pythagorean Numerology is: 9

References

1. ^ Princeton's WordNet
   http://wordnetweb.princeton.edu/perl/webwn?s=petty cash
2. ^ Wiktionary
   https://en.wiktionary.org/wiki/Petty_Cash
3. ^ Wikipedia
   https://en.wikipedia.org/wiki/Petty_Cash
4. ^ ChatGPT
   https://chat.openai.com
5. ^ Wikidata
   https://www.wikidata.org/w/index.php?search=petty cash