How do I keep track of petty cash?

How do I keep track of petty cash?

How to Keep Track of Petty Cash

1. Step #1 – Purchase a Lock Box.
2. Step #2 – Assign Responsibility.
3. Step #3 – Store the Petty Cash Box and Set a Limit.
4. Step #3 – Deposit Cash into the Petty Fund.
5. Step #5 – Create a Transaction Log.
6. Step #6 – Track the Petty Cash Fund on the Accounting Records of Your Business.

What is a petty cash register?

Free printable petty cash register is a Microsoft Excel XLS spreadsheet that is designed to be printed out or used as a template electronically. The petty cash template provides columns for tracking cash amounts, check numbers, purpose, deposit and balance.

How do you create petty cash?

How do I set up a proper petty cash system?

1. Step 1: Get a lockbox or cash register.
2. Step 2: Choose a petty cash custodian.
3. Step 3: Set an initial amount, a replenishment threshold, and a withdrawal limit.
4. Step 4: Go to an ATM, or write a check to petty cash.
5. Step 5: Create a petty cash log.

How can I use my computer as a cash register?

Install a point-of-sale application on your computer and connect the necessary peripherals, such as a barcode scanner, to turn your computer into a cash register. Point-of-sale software has advantages over a regular cash register, such as the ability to track inventory and capture customer information.

How can I tally money in Excel?

One quick and easy way to add values in Excel is to use AutoSum. Just select an empty cell directly below a column of data. Then on the Formula tab, click AutoSum > Sum. Excel will automatically sense the range to be summed.

What documentation is used for accounting petty cash?

Complete a petty cash reconciliation form, in which the petty cash custodian lists the remaining cash on hand, vouchers issued, and any overage or underage. The voucher information may come from the petty cash book.

How do you record petty cash in accounting?

Journal entry for putting money into the petty cash fund The entry must show an increase in your Petty Cash account and a decrease in your Cash account. To show this, debit your Petty Cash account and credit your Cash account. When the petty cash fund gets too low, you must refill it to its set amount.

How do you process petty cash?

The procedure for petty cash funding is outlined below:

1. Complete reconciliation form. Complete a petty cash reconciliation form, in which the petty cash custodian lists the remaining cash on hand, vouchers issued, and any overage or underage.
2. Obtain cash.
3. Add cash to petty cash fund.
4. Record vouchers in general ledger.