Petty cash

Petty cashis a small amount of discretionary funds in the form ofcashused for minor expenditures.^[1]

The most common way of accounting for petty cash expenditures is to use theimprest system.^[2]

Audit controls

Oversight of petty cash is important because of the potential for abuse. Examples of petty cash controls include a limit on disbursements and monthlyauditsby someone other than the custodian.^[3]Use of petty cash is sufficiently widespread that vouchers for use in reimbursement are available at any office supply store.

The petty cash daybook is one of thedaybooksused in bookkeeping and thedouble-entry bookkeeping system.^[4]

References

^P. Hosein (29 July 1988).Principles of Accounts (Cxc).Heinemann. p. 92.ISBN 978-0-435-98309-3.
^Alan Trenerry (1999).Principles of Internal Control.UNSW Press. pp. 125–.ISBN 978-0-86840-401-1.
^Peggy M. Jackson (28 November 2006).Sarbanes-Oxley for Small Businesses: Leveraging Compliance for Maximum Advantage.John Wiley & Sons. pp. 101–.ISBN 978-0-470-05004-0.
^Diane Canwell; Jon Sutherland (2005).BTEC First Business.Nelson Thornes. pp. 105–.ISBN 978-0-7487-9431-7.

[Hosein1988-1] P. Hosein (29 July 1988).Principles of Accounts (Cxc).Heinemann. p. 92.ISBN 978-0-435-98309-3.

[Trenerry1999-2] Alan Trenerry (1999).Principles of Internal Control.UNSW Press. pp. 125–.ISBN 978-0-86840-401-1.

[Jackson2006-3] Peggy M. Jackson (28 November 2006).Sarbanes-Oxley for Small Businesses: Leveraging Compliance for Maximum Advantage.John Wiley & Sons. pp. 101–.ISBN 978-0-470-05004-0.

[CanwellSutherland2005-4] Diane Canwell; Jon Sutherland (2005).BTEC First Business.Nelson Thornes. pp. 105–.ISBN 978-0-7487-9431-7.

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