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Petty cash book definition

Accounting Tools

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is the Petty Cash Book? The petty cash book is a recordation of petty cash expenditures, sorted by date. Thus, the book is part of a manual record-keeping system.

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Petty Cash Management 101: Tips And Techniques

Invoicera

Summary Petty cash is a small amount of money a business keeps to cover little expenses. It is essential to manage petty cash effectively. But how to handle petty cash when everyone is switching to digital payments? We will also discuss how you can handle petty cash using digital tools like Invoicera.

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Asset classification definition

Accounting Tools

As an example of how accounting rules may be applied to the assets within a group, all of the fixed assets in the computer software group could be assumed to have the same useful life , to which is applied a standard depreciation methodology. Examples of Asset Classifications Common asset classifications are as follows: Cash.

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Asset accounts definition

Accounting Tools

The general categories of asset accounts are as follows, along with the accounts commonly used within each category: Current Asset Accounts Cash. Includes bills and coins on hand, such as petty cash. Includes cash kept in depository accounts. Computer equipment. Bank deposits. Marketable securities.

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Payables clerk job description

Accounting Tools

Must be detail oriented and comfortable using computer-based accounting systems.

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Three digit chart of accounts

Accounting Tools

Account Number Description 010 Cash 020 Petty cash 030 Accounts receivable 040 Reserve for bad debts 050 Marketable securities 060 Raw materials inventory 070 Work-in-process inventory 080 Finished goods inventory 090 Reserve for obsolete inventory 100 Fixed assets – Computer equipment 110 Fixed assets – Computer software 120 Fixed assets (..)

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The accounting cycle definition

Accounting Tools

Step 2: Prepare Business Document Prepare the business document associated with the accounting transaction, such as a supplier invoice , customer invoice, petty cash voucher , or cash receipt. This step is handled automatically by an accounting computer system.