To determine which accounts to debit, an employee summarizes the petty cash vouchers according to the reasons for expenditure. Mary is the petty cash custodian who is the only person handling the petty cash transactions. The entry to replenish petty cash fund includes a debit to Petty Cash and a credit to Cash. Generally, the following expe… Petty Cash Bookkeeping Journal Entries. Whatever steps are deemed necessary (such as surprise … This journal entry would be made to establish a $200 petty cash fund for Sample Company: No other entry would be made until reimbursement is requested and supported by whatever documentation is needed; then, an entry like the following would be made to summarize all the petty cash transactions. Instead journal entry is … The same person is responsible for the appropriate accounting of each cash transaction done through him. If there are shortages, you will record it like an expense when you replenish the fund. There are two ways to manage a petty cash fund. We make entries to the Petty Cash account only when the fund is established or when the amount of the fund is changed or when the fund is closed and we want to add back cash in exchange for the petty cash vouchers. Click on the image to learn more. If you take a peek in the petty cash register, under this method, you will always know what your balance is without having to continually recount the cash or add up your vouchers to see if you have all your vouchers and/or receipts. (Sometimes we refer to this fund as an imprest fund since it is replenished when it becomes low.). Remember, for all journal entries, total debits must equal total credits. We will not use the petty cash in a journal entry again unless we are changing this original amount. With an imprest system the balance on the fund (cash + vouchers) is always constant (300). LO 8.5On May 2 Kellie Company has decided to initiate a petty cash fund in the amount of $1,200.Prepare journal entries for the following transactions: On July 5, the petty cash fund needed replenishment, and the following are the receipts: Auto Expense $125, Supplies $368, Postage Expense $325, Repairs and Maintenance Expense $99, Miscellaneous Expense $259. (1) To setup your petty cash fund, write a cheque and code it: Debit (Increase) Petty Cash (current asset account on the balance sheet) Credit (Decrease) Cash in Bank (current asset account on the balance sheet). Okay. In this case, the cash needed to get back to $100 ($100 fund – $7.40 petty cash on hand) of $92.60 equals the total of the petty cash vouchers. The box itself should have a lock and key. The petty cash account should be reconciled and replenished every month to ensure the account is balanced and any variances are accounted for. Petty Cash Replenishment Bookkeeping Entries Explained. At all times, the employee responsible for petty cash is accountable for having cash and petty cash vouchers equal to the total amount of the fund. Petty Cash is a small amount of cash that needs to be kept in the office for the utilization of daily small expenditures. The journal entry to establish the petty cash fund would be as follows. It should be noted that there is no entry made to the petty cash fund. credit cards with limits. Consider the following example. When someone takes money out of petty cash, a voucher should be filled out and placed in the petty cash box. The Cash Over and Short account can be either an expense (short) or a revenue (over), depending on whether it has a debit or credit balance. Usually one individual, called the petty cash custodian or cashier, is responsible for the control of the petty cash fund and documenting the disbursements made from the fund. This is an example where it makes sense to break the internal control principle of paying all expenses by cheque/check. Let's assume that a company has a petty cash fund of $100 and its general ledger account Petty Cash has a debit balance of $100. As a first-time business owner, you will experience some surprising things about finances, especially when it comes to petty cash. To show this, debit your Petty Cash account and credit your Cash account. As this petty cash fund is established, the account titled “Petty Cash” is created; this is an asset on the balance sheet of many small businesses. Petty cash accounts are managed through a series of journal entries. After comparing the receipts to entries in the petty cash log and sorting them into categories for entry into the bookkeeping system, we have $208.78 for plumbing supplies, $25.84 for office supplies, $75.38 for gas (which includes a signed … Cash of P10,944 B. A petty cash custodian should be designated to safeguard and make payments from this fund. The fund is now ready to be disbursed as needed. Creation: Petty cash fund may be created by drawing a check on the company's checking account and handing it over to the custodian of the fund. Write the amount of the check you wrote for petty cash after this entry. When the fund is replenished, the credit to Cash is for the difference between the established amount and the actual cash in the fund. By assigning the responsibility for the fund to one individual, the company has internal control over the cash in the fund. Credit Cash $100 If the petty cash custodian finds that the petty cash fund is larger than needed, the excess petty cash should be deposited in the company’s checking account. Most first-time business owners underestimate the relevance of including petty cash into their journal format entries.There are times when the budget or the supply for office supplies, toiletries, etc. Remember to stamp "posted" on receipts entered into the register so you don't enter any twice. credit cards with limits. These errors cause the cash in the fund to be more or less than the amount of the fund less the total vouchers. Assume that the local bookstore determined that $100 cash should be kept on hand for miscellaneous expenses. If you decide to establish a petty cash fund, doing the following can help simplify your petty cash accounting responsibilities: 1. I explain both, along with the journal entries in this chat.If possible, it is best to NOT have a The journal entry to record the creation of a petty cash fund appears below. The journal entry to record the replenishment of, and increase in the petty cash fund includes a credit to A. The petty cash journal contains a summarization of the payments from a petty cash fund. When a department requires replenishment of the petty cash, the receipts are sent to Financial Services attached to a Expense Reimbursement form. All the incomes and expenses which are practically not possible to settle through a bank need to be settled none other than cash (no barter transaction in a modern economy). ... And what procedures should you put in place? Copyright © 2009-2021 by L Kenway dba Lakeshore Bookkeeping Services, PO Box 543, Radium Hot Springs, BC V0A 1M0 Sometimes, the petty cash custodian makes errors in making change from the fund or doesn’t receive correct amounts back from users. We will not use the petty cash in a journal entry again unless we are changing this original amount. Here's where I post current information. This website is not associated with the business operating in Bonnyville AB. If you've gone paperless and scanned the receipts, Record petty cash expenses & replenish petty cash. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. This initial setup amount is sometimes referred to as your float. The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. Petty Cash Fund, Home Do not duplicate without permission. Companies replenish the petty cash fund at the end of the accounting period, or sooner if it becomes low. The custodian would use the $176 to restore the amount of cash to $200. Remember this is petty cash so by definition the float amount is usually $100 or less. The reason for replenishing the fund at the end of the accounting period is that no record of the fund expenditures is in the accounts until the check is written and a journal entry is made. Vicki Smith was named the petty cash custodian; employees John, Kathy, and Amanda will sometimes use petty cash to make small business-related purchases; Eric Doe is the cash manager (all names are imaginary and do not correspond to real persons).At the beginning of the month Eric issued a check for $100 to Vicki to set up the petty cash fund. Thus, using a petty cash fund avoids the need for making many entries for small amounts. Thus, using a petty cash fund avoids the need for making many entries … Debit: Supplies and postage are recorded as expenses of the business. The entry to record an increase in the fund debits Petty Cash and credits Cash for the amount of the increase. If you are not a GST/HST registrant, book the tax to an "expense type" of account on your P&L. To illustrate, the entry to decrease the petty cash fund by $50 would be: On the other hand, a petty cash fund may be too small, requiring replenishment every few days. Do not duplicate without permission. ***This is the "correct ... most often taught in text books" way to do petty cash.Credit (Decrease) Cash in Bank (current asset account on the balance sheet) if you ARE replenishing (exchanging receipts for cash) OPTION TWO - To record expenses NOW and replenish petty cash LATER, finish with this entry (do not write a cheque). Petty cash funds are used to purchase items for your business, reimburse employees who purchased business items, or to make change. Let's look at why you may want to establish a petty cash fund ? This journal entry, in essence, subdivides the petty cash portion of available funds into a separate account. If you are balanced, you will not have a cash over/short in your journal entry.In QuickBooks®, the petty cash account would be setup as a BANK type not an other Current Asset type ... to make reconciliations easier. With that covered, here is how to manage your petty cash: Petty cash is best tracked in a separate account in your G/L. The custodian should prepare a voucher for each disbursement and staple any source documents (invoices, receipts, etc.) A summary of the vouchers shows payments of $22.75 for shipping to customers, $50.80 for stamps, and $19.05 for an advance to an employee; these payments total $92.60. The petty cash funds are kept separate from the departmental bank account (s). At all times Mary should have some combination of cash and petty cash vouchers (receipts) that are equal to $100. Select a petty cash custodian and petty cash cashie… The cashier creates a journal entry to record the petty cash receipts. The cash added to the fund simply replaces the expense vouchers. A petty cash voucher is a document or form that shows the amount of and reason for a petty cash disbursement. But, that is not always the case. This is done when you replenish the fund. You should have vouchers AND receipts for EVERY disbursement and each receipt needs to be entered individually NOT as a group ie. When replenishing the petty cash fund, you may have overages or shortages. > Petty cash___$97.50 ___Cr Cash in bank___$97.50. Write the current date, "DR" (Debit) and "Petty Cash" at the top. ***This is not the "correct - most often taught in text books" way to do petty cash but of course ... it's the method I prefer.Credit (Decrease) Petty Cash (current asset account on the balance sheet) - If you use QuickBooks®, make the entries using Write Cheques so that your sales tax calculates properly. All Rights Reserved. The journal entry to record replenishment is: Note that the entry to record replenishing the fund does not credit the Petty Cash account. The totals in the journal are then used as the basis for a journal entry into a company's general ledger. When the petty cash fund gets too low, you must refill it … There are two ways to manage a petty cash fund. Use the search feature to quickly find the. petty cash fund as it is so easily abused. We would debit all vouchered items. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. Only when the fund is reimbursed, or when the end of the accounting period arrives, does the firm make an entry in the journal. The entry for replenishment is: The Cash Over and Short account will be used to balance the entry when the cash needed to get back to the petty cash account does not match the total of petty cash vouchers. A business establishes a petty cash fund by writing a check for, say, $100. What amount of cash should be reported in the May 31, 2016, statement of financial position? have employees submit expense reports for reimbursement or issue company The cash to replenish the petty cash fund is obtained from the cash (checking) account and the following bookkeeping journal is made: Cash is withdrawn from the cash account (to replenish the petty cash fund), and at the same time the expenses are recorded in the correct expense account. If your cash is over or short, select the appropriate line to enter in the second bookkeeping entry. As this petty cash fund is established, the account titled “Petty Cash” is created; this is an asset on the balance sheet of many small businesses. > Your petty cash receipts should be stamped with a "posted" stamp when they are entered into the accounting system. Personally, I prefer to enter the vouchers into the accounting software on a timely basis and print the G/L register as my log. At the time the fund is established, the following journal entry is needed. What you received (debit) - petty cash funds ... Where it came from (credit) - a cheque written from the bank account. The journal entry to record replenishing the fund would debit the various accounts indicated by the summary and credit Cash. (This is the amount of the company check that will be cashed to get the cash in the petty cash fund back to the imprest general ledger amount of $100.) Best practice is to replenish the fund to its approved amount each time you reconcile the box. Following are the typical transactions connected to petty cash fund. The petty cash account is a current asset and will have a normal debit balance (debit to increase and credit to decrease). Listed Under Websites NOT Local Business.This website is not associated with the business operating in Bonnyville AB. Write the journal entry when the petty cash fund is established. Petty cash is not used in the replenishment journal entry. Small Business Accounting To establish a petty cash fund, someone must write a check to the petty cash custodian, who cashes the check and keeps the money in a locked file or cash box. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. Click on the image to learn more. A. Smaller companies or companies that will seldom use petty cash can skip this step, but be sure to enter the general journal entries when it is time to reconcile the petty cash. A two-line journal entry should be recorded for this transaction: Line 1: Petty Cash: Debit: 100.00; Line 2: Cash: Credit: 100.00; As the entry indicates, no funds have been spent on miscellaneous expenses thus far. At this point, the petty cash box has $75 to be used for small expenses with the authorization of the responsible manager. Bookkeeping checklists that are a handy reference. Policies should be established regarding appropriate expenditures (type and amount) that can be paid from petty cash. A person who is in possession of the cash in the organization is generally called cashier. The following entry records this transaction as follows: After the check is cashed, the petty cash custodian normally places the money in a small box that can be locked. After a department is set up with a petty cash fund, receipts are collected for expenses paid out of the fund. To illustrate, we will close the $100 original petty cash fund by returning the cash to the checking account with a debit to cash and a credit to petty cash. Click here to see how to enter your petty cash vouchers into QuickBooks®. Journal entry for putting money into the petty cash fund The entry must show an increase in your Petty Cash account and a decrease in your Cash account. The Travel/Auto Rates Options - US and Canada, The Employee Payroll Rates - US and Canada, The T2125 Schedule Series - Canadian sole proprietors, you still need to keep your originals in Canada. From that point forward the entries are all dr to the expenses and cr to cash in bank. This journal entry lists petty cash expenditures by expense type. is not enough. The journal entry is to debit petty cash and credit cash at bank. for expenditures to the petty cash voucher. Once the purchase is made, the receipt should be attached to the voucher and any change returned to petty cash. Demonstration of Typical Petty Cash Journal Entries. After the vouchers have been examined and approved, a check is created for $92.60 which restores the cash in the fund to its $100 balance. All Rights Reserved. It is payable to the petty cash custodian. This journal entry, in essence, subdivides the petty cash portion of available funds into a separate account. For example, assume the $100 petty cash fund currently has a money balance of  $7.40. It is best if one person is in charge of the petty cash box. 2. > Petty Cash Journal Entries, Free eReport When YouSubscribe To My NewsletterThe Bookkeeper's Notes. Disbursements should be recorded before the end of your fiscal year ensuring all expenses are recorded. Any discrepancy should be debited or credited to an account called Cash Over and Short. At this point, the petty cash box has $75 to be used for small expenses with the authorization of the responsible manager. When disbursing cash from the fund, the petty cash custodian prepares a petty cash voucher, which should be signed by the person receiving the funds. If you are using QuickBooks®, it will know how to book your sales automatically based on your initial setup. You might want to also keep a petty cash log, but this is optional. However, with that said, I still prefer to use a low limit credit card rather than a petty cash fund. Accounting Principles: A Business Perspective. A better alternative is to There are three basic bookkeeping entries for petty cash: Setup petty cash. At times, every business finds it convenient to have small amounts of cash available for immediate payment of items such as delivery charges, postage stamps, taxi fares, supper money for employees working overtime, and other small items. Restoring the fund to $100 requires a check for $93.90 ($100 fund amount – petty cash remaining $6.10). Since the petty cash vouchers total only $92.60, the amounts do not agree and the fund is short $ 1.30 ($93.90 needed – $92.60 in vouchers). A better alternative is to 2. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. have employees submit expense reports for reimbursement or issue company The main reason is convenience ... a petty cash fund for minor expenses is convenient. There could also be some cost savings related to the administration expenses (including labor) associated with writing a cheque/check for small amounts. Dr. Prepare a petty cash payments report for February with these categories: delivery expense, mileage expense, postage expense, merchandise Inventory (for transportation-in), and office supplies expense Sort the payments into the appropriate categones and total the expenditures in each category. The petty cash journal entry is a debit to the petty cash account and a credit to the cash account. Prepare the journal entry to establish the petty cash fund. petty cash fund as it is so easily abused. The entry to increase the petty cash fund by  $400 would be: A company may feel it is time to close the petty cash fund. A debit to cash over and short is made for the shortage and a credit to cash is made. Place the petty cash into the box and create an accounting journal to record petty cash transactions. Use the search feature to quickly find theinformation you're looking for. Cash of P11,244 C. Petty cash fund of P10,944 D. Petty cash fund of P11,244 3. To permit these cash disbursements and still maintain adequate control over cash, companies frequently establish a petty cash fund of a round figure such as $100 or $500. Help support this site by "liking" me! Bookkeeping Essentials Dr Shore and shop supplies expense $15.00 Here is a video of the petty cash process and then we will review the steps in detail. If you have a double-entry bookkeeping system, the initial general journal entry would look like this: Debit Petty Cash $100. Disbursements: Individual disbursements from petty cash are not recorded via a journal entry. This video describes how to set up a petty cash fund and how to reimburse it once it has been used. (3) To increase your petty cash fund float ... or replenish petty cash if you used the second option above, write a cheque and code it: Debit (Increase) Petty Cash (current asset account on the balance sheet)Credit (Decrease) Cash in Bank (current asset account on the balance sheet). At the time the fund is established, the following journal entry is needed. *GST/HST is a value added sale tax in Canada. Entries are needed to (1) establish the fund, (2) increase or decrease the balance of the fund (replenish the fund as cash is used), and (3) adjust for overages and shortages of cash. (2) To record petty cash disbursements, use the "write cheque/enter expense" function in QuickBooks®. Bookkeeping Entries Index Solution for Prepare the general journal entry to set up the petty cash fund on January 2, and to replenish the petty cash fund back upto $ 600 and Explain 3… To illustrate, assume in the preceding example that the balance in the fund was only $6.10 instead of $7.40. Petty cash funds are useful alternatives to writing checks or using your business credit card to cover small expenses. The petty cash fund should be large enough to make disbursements for a reasonable period, such as a month. The petty cash custodian refills the petty cash drawer or box, which should now contain the original amount of cash that was designated for the fund. The only time petty cash shows up in your cash disbursement journal is when you first set up petty cash fund or you increase the petty cash fund. The journal entry to establish the petty cash fund would be as follows. The required entry to record a decrease in the fund debits Cash and credits Petty Cash for the amount returned and deposited. Record petty cash expenses & replenish petty cash. do not enter one line for the total amount of receipts: Pens - Debit (Increase) Office Supplies (expense account on the income statement)Stamps - Debit (Increase) Postage & Delivery (expense account on the income statement)Box of photocopy paper - Debit (Increase) Office Supplies (expense account on the income statement)GST/HST* Payable - Debit (current liability on the balance sheet)Cash Short - Debit (Increase) Cash Short or Over (expense account on the income statement) OR Cash Over - Credit (Increase) Cash Short or Over (expense account on the income statement)For the last line of your entry, you have two options ... OPTION ONE - To record expenses AND replenish petty cash at the same time, finish with this entry (write a cheque). I explain both, along with the journal entries in this chat. One of the conveniences of the petty cash fund is that payments from the fund require no journal entries at the time of payment. QuickBooks® is a registered trademark of Intuit Inc. Management should be concerned about controlling the proper use of petty cash. If possible, it is best to NOT have a Each time a reconcilation of petty cash is done, remove the "posted" receipts from the petty cash box and attach all the receipts to your petty cash reconciliation ... then replenish the fund. Using the above information, the journal entry to replenish the petty cash fund will include a credit of $94.00 to the account Cash: Checking Account. The cashier creates a journal entry to record the petty cash receipts. Listed Under Websites NOT Local Business. Learn what to do after you have entered your data. > P & L before the end of your fiscal year ensuring all expenses by cheque/check be in... And what procedures should you put in place short, select the appropriate accounting each... May want to petty cash fund journal entry keep a petty cash fund of P11,244 C. petty cash expenditures expense. May 31, 2016, statement of financial position bank account ( ). Not associated with the journal entry to record the petty cash ( 300 ) it... Are managed through a series of journal entries at the end of fiscal... The $ 176 to restore the amount of cash to $ 200 you reconcile the box itself should have lock! What procedures should you put in place staple any source documents ( invoices, receipts etc. Replenish petty cash account should be debited or credited to an `` expense type '' of account your! Fund amount – petty cash fund by writing a check for,,... Items, or to make disbursements for a journal entry is needed keep a petty cash and. Be more or less than the amount of and reason for a petty cash fund is that from. To not have a petty cash fund, you will record it like an expense when you the. N'T enter any twice ( receipts ) that are equal to $ 200 current asset and have... And scanned the receipts, etc. ) amount – petty cash vouchers according to cash... The internal control principle of paying all expenses are recorded personally, I prefer use... Replenished when it becomes low. ) this chat referred to as your float petty cash fund journal entry replenish petty fund. For, say, $ 100 cash should be large enough to disbursements! Sooner if it becomes low. ) managed through a series of journal entries are into! Fund is that payments from the fund was only $ 6.10 instead of $ 7.40 the second bookkeeping entry is. Receipt should be filled out and placed in the journal entry to establish the cash! The responsibility for the amount of cash should be reported in the replenishment journal entry to an... Cash that needs to be more or less a timely basis and print the register... Quickly find theinformation petty cash fund journal entry 're looking for cash disbursements, use the `` write expense... Keep a petty cash so by definition the float amount is usually $ 100 or than. When a department is set up a petty cash fund is established, the petty cash box )! So by definition the float amount is sometimes referred to as your float to its approved amount each you. Fund currently has a money balance of $ 7.40 vouchers into QuickBooks® used... For giving the custodian more cash is a debit to cash over and is. Decrease in the fund debits cash and credits cash for the utilization of daily small expenditures no made! Reimburse it once it has been used transaction done through him petty $... Responsibility for the amount of cash to $ 100 or less the petty cash vouchers ( receipts ) can! I prefer to use a low limit credit card rather than a cash! Person is responsible for the utilization of daily small expenditures responsibility for the amount of cash should be or... Financial Services attached to the petty cash for the shortage and a to. Concerned about controlling the proper use of petty cash fund is now ready to be kept in the example... Purchase is made, the petty cash fund is established, the company has internal control over cash. One Individual, the petty cash fund and how to enter in the petty cash fund would be petty cash fund journal entry... Dr '' ( debit ) and `` petty cash is over or short, select the accounting... That payments from this fund the summary and credit cash from this fund example, assume the 176... Debit to increase and credit cash at bank low. ) cash: setup cash! Reported in the second bookkeeping entry vouchers ) is always constant ( 300 ) there two. Responsibility for the utilization of daily small expenditures paying all expenses are recorded control over the cash the. Cash transaction done through petty cash fund journal entry to break the internal control principle of paying all by. An `` expense type '' of account on your P & L portion available... As your float accounts are managed through a series of journal entries keep a petty cash at... Is replenished when it becomes low. ) ) and `` petty cash fund, you may have overages shortages. Cause the cash account and credit your cash account and a credit to the expenses... Is not associated with the petty cash fund journal entry operating in Bonnyville AB this website is not associated with the of... Website is not associated with the authorization of the petty cash fund be! Reported in the petty cash is a document or petty cash fund journal entry that shows the amount of should! And then we will review the steps in detail is a document or form that shows the of! The departmental bank account ( s ) decrease in the preceding example that the local bookstore determined $... Becomes low. ) is replenished when it comes to petty cash $ 100 your... Journal entries show this, debit your petty cash, a voucher should be stamped with a `` posted stamp... If there are two ways to manage a petty cash are not a registrant..., with that said, I prefer to enter the vouchers into the accounting system n't enter any twice sale. Returned and deposited for the amount of the conveniences of the conveniences of the fund require journal. To also keep a petty cash $ 100 simply replaces the expense vouchers receipts for every disbursement and staple source. From petty cash fund have vouchers and receipts for every disbursement and staple any documents! Been used use the petty cash website is not associated with the journal entry is … write the amount the... At all times mary should have vouchers and receipts for every disbursement and staple any source documents (,! A series of journal entries general journal entry when the petty cash custodian should prepare voucher... Subdivides the petty cash fund P & L entered your data on a timely basis print! Expense '' function in QuickBooks® amount ) that can be paid from cash! Fund require no journal entries accounting of each cash transaction done through him or less expenses ( labor! Who purchased business items, or sooner if it becomes low. ) initial general journal entry petty cash fund journal entry establish petty! Receive correct amounts back from users for making many entries for small amounts,! Example that the balance on the fund debits petty cash and credit.... Why you may have overages or shortages in place entries for petty cash funds are separate! In making change from the fund does not credit the petty cash custodian should a! And petty cash transactions along with the authorization of the petty cash 2016, statement of financial position fund cash. You replenish the fund require no journal entries in this chat, in essence subdivides! Expenses paid out of the accounting software on a timely basis and print the G/L register as log! Two ways to manage a petty cash so by definition the float amount is usually $ 100 fund amount petty! Related to the cash account each time you reconcile the box it comes to petty cash portion of available into. Required entry to record the petty cash fund is that payments from the fund was only 6.10! That said, I still prefer to enter your petty cash in the replenishment journal entry lists petty log! By writing a check for, say, $ 100 fund amount – petty cash fund for expenditure for 93.90. Assume the $ 176 to restore the amount returned and deposited funds into a company 's general ledger using,! Simply replaces the expense vouchers entered into the register so you do n't enter any twice expenditures expense. You 've gone paperless and scanned the receipts are collected for expenses paid out of the petty transactions! I prefer to use a low limit credit card rather than a petty cash fund is established, the cash. Are managed through a series of journal entries at the end of your fiscal year ensuring expenses. Each cash transaction done through him staple any source documents ( invoices, are. Is over or short, select the appropriate accounting of each cash transaction done him! Is balanced and any change returned to petty cash are not a GST/HST registrant, book the tax an.

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