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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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Cash voucher definition

Accounting Tools

What is a Cash Voucher? A cash voucher is a standard form used to document a petty cash payment. When someone wants to withdraw cash from the petty cash fund, that person fills out the cash voucher to indicate the reason for the withdrawal, and receives cash from the petty cash custodian in exchange.

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Petty cash receipt definition

Accounting Tools

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is a Petty Cash Receipt? A petty cash receipt is a form used to document cash payments from a petty cash box.

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Petty cash system definition

Accounting Tools

What is a Petty Cash System? A petty cash system is a set of policies, procedures, controls, and forms that a company uses to dispense cash for various miscellaneous needs, such as office supplies and services. The basic process of setting up a petty cash system is: Location. Fund petty cash boxes.

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Petty cash voucher definition

Accounting Tools

Related Courses Bookkeeping Guidebook Corporate Cash Management How to Audit Cash Optimal Accounting for Cash What is a Petty Cash Voucher? A petty cash voucher is a standard form used as a receipt whenever cash is withdrawn from a petty cash box.

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Full charge bookkeeper definition

Accounting Tools

Responsibilities of a Full Charge Bookkeeper The subject areas over which the full charge bookkeeper has responsibility are as follows: Record and pay accounts payable Issue invoices to and collect from customers Calculate pay and issue payments to employees Create financial statements and related financial reports Remit payroll taxes , sales taxes (..)

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Source documents definition

Accounting Tools

Cash Register Tape A cash register tape can be used as evidence of cash sales, which supports the recordation of a sale transaction. Credit Card Receipt A credit card receipt can be used as evidence for a disbursement of funds from petty cash.