8+ Petty Cash Receipt Template PDF

To reconcile, you’ll need to match your receipts with the amounts recorded on the petty cash form. If you’re ready to set up a petty cash fund for your office but aren’t sure where to begin, follow the simple steps below to have your petty cash fund operational in no time. To begin, have a secure place to store your petty cash funds, such as a lockbox or locked drawer.

All of the samples are available for download by clicking on the download link button below each sample. Every organization or company surely has cash funds readily available for sudden or unexpected expenses. In a business, all expenditure must be accounted for to cash flow and other related reports needed in assessing the business. The Internal Revenue Service (IRS) recommends filing out petty cash slips and attaching them to receipts to record and document petty cash expenses. By having a petty cash cashier and a petty cash custodian, the dual-process helps to keep the funds secure and ensure that only those authorized have access to it.

Mary Girsch-Bock is the expert on accounting software and payroll software for The Ascent. If you’re using the wrong credit or debit card, it could be costing you serious money. Our experts love this top pick, which features a 0% intro APR for 15 months, an insane cash back rate of up to 5%, and all somehow for no annual fee. You can introduce automation into the expense request and approval system to crack down on personal purchases. Not to mention the fact that human error is out of the picture when it’s computers that are doing all the sums. But this is supposed to help the key holders keep track of what is spent where, as well as how much petty cash is available.

Appoint a Petty Cash Custodian

Preprinted petty cash receipt forms can be purchased from most office supply stores. The petty cash balance is present on the company balance sheet with cash in the bank and cash on hand. If you’re https://online-accounting.net/ planning to create a petty cash fund, there are three basic procedures that are essential to follow. These procedures will allow you to keep your funds safe and to keep track of your funds.

It also means that team members are aware they can’t take cash from elsewhere for small expenses. And when the petty cash custodian (aka your finance team) changes hands, the record-keeping is also likely to change, making it harder for auditors to follow. Without proper accountancy training, key stakeholders are left to their own devices on how to run the petty cash.

AccountingTools

Receipts serve as supporting documents during internal or external audits. They enable auditors to verify the legitimacy of transactions and ensure compliance with financial regulations. Receipts also aid in reconciling petty cash balances by cross-referencing them with the recorded transactions. Sometimes, the balance in your petty cash fund becomes too low to purchase small expenses.

• When the petty fund is replenished, usually by drawing on a company-issued check, it’s recorded as a debit to the petty cash account and a credit to the cash account.
• Enter the receipt number, date, amount issued, dispersed to details, the purpose of the petty cash disbursement, and who disbursed and authorized it.
• After the owner or bookkeeper records all expenses in the books, cash must be taken from the checking account to replenish the petty cash box.
• Templates should thus have sections to record all the relevant information, such as the recipient’s name, the transaction date, the amount paid, and both parties signatures.
• Without proper accountancy training, key stakeholders are left to their own devices on how to run the petty cash.
• This figure should be the same as the withdrawn sum you calculated from the account starting and ending balances.

A simple receipt template is a form that businesses use to create official customer-facing receipts. Record the date of purchase, receipt number, salesperson, client name, item(s) purchased, tax rate, shipping and handling costs, and purchase total. A business can define metrics to use to determine the accuracy of expense records. Metrics refer to the type of information collected for each transaction. You can create a standardized document that ensures the same type of information is recorded, thus reducing errors and discrepancies in accounts. Remember, accuracy is a huge consideration during the reconciliation and auditing of petty cash.

The date of receipt and amount

We’re firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team. If you find yourself going through petty cash rapidly, you can increase the amount of petty cash you keep on hand. Also, take a few minutes to see what you’re spending petty cash on. Plus, the petty cash system usually relies on just one or two key holders. If they’re ill or off on the same day, the petty cash becomes inaccessible.

It’s easy to see why many choose to dip their fingers into the petty cash box and keep things simple instead. As a separate designated area for small expenses, petty cash is used on the daily. Whether it’s the receptionist popping out for a book of stamps or you need to get a bunch of flowers for someone’s birthday.

Reconciliation of the funds

The petty cash custodian is the person accountable for the petty cash fund. They’ll be in charge of handling and disbursing petty cash and ensuring that the petty cash fund is used for its intended purpose. They’re also responsible for the safekeeping of the physical cash and possess the key to the lockbox where the cash and receipts are kept.

Select the check box for whether the donation was an item or a cash, check, credit card, or money order transaction. This template includes a separate, detachable donor-details section to keep for your records. A guideline should be established as to when cash should be taken from the funds. The guidelines may decide fiscal year definition whether food purchases can be refundable by petty cash or not. It can decide how much distance can be repayable to an employee’s expense on gas when he or she is doing functions for the organization. No matter what, the custodian should always follow the guidelines to avoid a systematic abuse of the petty cash.

However, this amount can be more or less depending on the size of the company and the nature of its expenses. The amount should not be so large that it poses a security risk to a company’s finances but should be enough to cover trivial expenses. While it is true that petty cash funds may not require the same level of oversight as larger funds, they still need to be managed and tracked to prevent fraud or misuse.

In addition, you’ll find a list of helpful tips for completing these downloadable and fillable Excel receipt templates. Some set lists of approved petty cash expenses, while others leave discretion to individual managers. In almost all cases, though, an employee must present a receipt for reimbursement. A printable petty cash receipt, as might be issued for an online purchase, is usually acceptable, as is a photocopy of an original receipt. A petty cash receipt is a document used to record small payments taken from an organization or company’s petty cash fund for unexpected expenses. Cash receipt examples and receipt examples in excel found in the page may be used as basis to understanding what a petty cash receipt really is.

Codes typically correlate to the type of expense — parking, for instance, or meals. In some settings, these vouchers are regarded internally as their own type of petty cash receipts. They are usually available online from a budget office’s website or can be printed from a department’s intranet. The petty cash fund is reconciled periodically to verify that the balance of the fund is correct. Typically, as the petty cash balance falls to a preset level, the custodian applies for additional cash from the cashier.

In the petty cash policy document, we should state that the petty cash fund is $500 with Heather Smith as the custodian. She should also sign the document to transfer the petty cash fund accountability to her. This can be helpful for a large company where a single template has to be used by multiple departments and different categories of expenses. It must also be customizable to allow for any changes in the company’s cash management practices. However, should this process be laborious and time-consuming, you can download the free printable templates available below. You can modify these editable receipts to meet your business’s needs and documentation requirements.

Petty Cash: What It Is, How It’s Used and Accounted For, Examples

It’s best practice to always receive a receipt with your petty cash purchase. But as your business grows, your petty cash box will have to grow too in order to help your people keep on top of things. In a pinch, petty cash is sometimes used to provide change for customers when your tills are out.