Explain about the Petty Cash
Petty Cash It is a small amount of money which is kept in the office for making small expenditures. ($10, $25, $50, etc.) Business will conclude how much cash needs to be on hand.
- It needs to be secure and with only one person in charge.
- Vouchers should be kept to show usage.
- There needs to be supporting documentation (Auxiliary Record) to summarize and record expenditures.