Petty cash
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Petty cash is a small amount of discretionary funds in the form of cash used for minor expenditures.[1]
The most common way of accounting for petty cash expenditures is to use the imprest 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 monthly audits by 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 the
double-entry bookkeeping system.[4]
References
- ISBN 978-0-435-98309-3.
- ISBN 978-0-86840-401-1.
- ISBN 978-0-470-05004-0.
- ISBN 978-0-7487-9431-7.