petty cash


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Related to petty cash: petty cash book

Petty Cash

Cash that a company keeps available for small transactions with customers. For example, a mom and pop hardware store may keep petty cash to make change if a customer pays $20 in cash for a drill that costs $18.06. Most retail companies keep petty cash.

petty cash

small sums of money held by a person or business to pay for small items of expenditure.
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As state police and the state auditor general investigate use and alleged misuse of the petty cash fund, the Michigan House considers creation of Democratic and Republican budget staffs or possible formation of a new fiscal agency, designed to reduce costs and prevent the alleged abuses currently under investigation.
The court has heard that the petty cash, which in the past had seen around PS150 a month handed out for things like car parking, bridge tolls and sometimes petrol, was found to be more than PS40,000 in the red after she was promoted.
She said they had been using petty cash to pay for all sorts and she had not been able to reconcile the accounts in a long time.
Nash broke in overnight between May 27 and 30 and stole PS100 in petty cash.
Matthew Elliott, chief executive, said: "The amount of money being claimed as petty cash is astounding.
University fees, amounting to little more than petty cash for most firms, should be paid by the companies harnessing the product of such educational endeavour.
AS Scotland's political leadership spent the week arguing about petty cash in a local Labour party in Lanarkshire, thank goodness our international reputation was being held up by the proper and serious work of a truly significant Scot.
Mrs Rowell was then forced to drive to her crystal wholesale business to fetch pounds 60 petty cash before going to a bed and breakfast to collect the man's suitcase.
A disgraced Midland magistrate and former council leader ruined his life because he fiddled petty cash vouchers, a court heard yesterday.
On a monthly basis, a business should scrutinize daily and weekly journals, post numbers to a general ledger; create a profit-and-loss statement; reconcile bank accounts; balance petty cash accounts; date accounts receivables to see what payments are late; and perform inventory control to reduce stock that moves slowly and increase items that move quickly.
Whether it's handling invoices without POs, invoice discrepancies, unclaimed checks, wire transfers, p-card disputes, master vendor file issues, petty cash funds, or 1099 forms, this guide can help you respond and build a coherent set of policies.
Wootton-Thomas claims it was "coincidence" that large amounts of money were repeatedly being taken from the council's child protection petty cash at the same time that her mother needed to pay off a loan or risk being evicted.