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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Following an audit, it was discovered that some receipts had been supplied but were for things like taxis for nonsupported activities, or receipts had been doctored and dates altered, while petty cash had apparently been used for petrol and lunches were claimed at inappropriate places and cash advances given to staff.
When it is not practical to make a payment by check (for instance, the mail carrier stops at the front desk with a bill for 9|cents~ postage due), a petty cash fund simplifies such tasks.
The House is reeling from charges of major improprieties involving its Fiscal Agency petty cash fund.
For when the thrift's books are reexamined a year later, the examiners spot more unlikely expenses: a $13,000 dinner for four; a ritzy suite at Dallas's only five-star hotel where guests are routinely treated to Dom Perignon and beluga; and a parade of petty cash withdrawals at more than $ 1,000 a pop, many of which go unexplained.
The auditors say checks were not carried out at an early stage which would have minimised the fraud, nor were there adequate controls in the petty cash account in terms of recording, substantiating or scrutinising transactions.
In a statement issued by the council yesterday, Mr Al Murbati said petty cash funds were allocated by the government to cover necessary expenditure such as stationary, printer ink cartridges and payments made for simple maintenance work.
She was responsible for administrative handling of petty cash and keeping it secure.
It is claimed Wootton-Thomas, who was put in charge of managing the petty cash account used for staff expenses, wrote out 75 cheques, each for PS500, and kept the money herself or siphoned it into her elderly mother's bank account.
And that is only petty cash compared with what it costs having very excessive numbers of migrants from both the rest of Britain and Brussels.
Patrick Power, 49, made fake petty cash claims on an account used to help hardup families with children at risk of going into care.
Not petty cash, all the benefits paid out in a year would be small fry in comparison.
Accomplice is Bianca, who just happened to have enough petty cash on her to buy him a plane ticket to Ibiza.