Definition & Advantages of Petty Cash

Petty Cash Accounting paticash The custodian should be the only person with physical access to funds Petty cash should be maintained on an imprest basis, which means that the amount of the paticash Petty cash is a small amount of discretionary funds in the form of cash used for minor expenditures The most common way of accounting for petty cash

paticash The authorized balance of imprest, petty cash and other revolving funds should be reported as cash in the general ledger in whichever fund expenditures are