Management should count floats and petty cash periodically, as spot-checks on accuracy.
Posts Tagged ‘Petty Cash’
Spot-check floats and petty cash for accuracy
Tuesday, February 28th, 2012
Keep a Separate Float for Selling Merchandise
Tuesday, February 21st, 2012If you sell merchandise, keep a separate float for making change – don’t use your petty cash box for this purpose. Confusion is often created when the same “pot” of money is used for both spending and receiving money.
Manage Office Petty Cash as a Fixed Amount
Tuesday, February 7th, 2012Office petty cash is often managed as an “imprest fund” – i.e. a fixed amount. Cash plus receipts should always equal the value of the fund. For instance, if you opened your fund at $100, after your staff bought $30 of supplies, the box would contain $30 in receipts plus $70 in cash.
Good Petty Cash Fund Management
Wednesday, January 11th, 2012An office petty cash fund is a useful tool for covering small expenses. Limit access to the responsible staff member(s), and reconcile the fund regularly to catch errors.
Try a Prepaid Gift Card in Lieu of Petty Cash
Wednesday, December 14th, 2011Use a regular supplier but don’t want to use petty cash around the office or don’t have a company credit card? Try using a prepaid gift card in a low amount and treating it in the books like petty cash.