FAQs
The petty cash book is maintained by the petty cashier. He is the one responsible for recording the petty cash transactions in the petty cash book.
Who keeps the petty cash book? ›
A petty cashier is a person who is appointed or who is authorized to make payments of petty cash expenses and record them in the petty cash book.
Who should keep petty cash? ›
Determine who will manage petty cash
If you have an office manager, they're the most likely choice to manage the petty cash fund. If you only have a few employees, fund management may fall to you.
Who holds petty cash? ›
Petty cash fund custodians are appointed to oversee the fund. The custodial duties generally include enforcing petty cash rules and regulations, requesting replenishments, and dispensing funds.
Who is responsible for petty cash? ›
A petty cash custodian is responsible for the branch's minor and small cash transactions. Further, they will be responsible for journal entries, record-keeping, and other maintenance of all petty cash transactions.
Who records petty cash? ›
The cashier updates the petty cash book to reflect the new balance. The bookkeeper or accounting team also updates the general ledger. They note that cash has been taken out of the bank account and added to the petty cash fund, and they also record the petty cash receipts to the correct expense accounts.
Who maintains cash book? ›
Access: Cash Book is maintained by the business or person who owns it and is accessible only to them, while Passbook is maintained by the bank and is accessible to the account holder.
Who has control over petty cash? ›
The custodian will have responsibility for disbursing the funds, keeping records of those disbursem*nts and requesting replenishment of the fund when needed. As an added petty cash internal control, the custodian should not be the same person who also records the petty cash transactions in the general ledger.
Where do you keep petty cash? ›
Petty cash is a small amount of cash that businesses keep on hand for small, routine purchases. This cash is typically kept in a petty cash fund, which is a designated bank account or drawer that is used specifically for petty cash expenditures.
What is the rule for petty cash? ›
Petty cash funds should be properly secured at all times. Access to the funds should be restricted to one person (e.g., the petty cash custodian or a specified cashier). Cash on hand and receipts for disbursem*nts made should always equal the assigned amount of the petty cash fund.
Petty Cash is a joint project of co-owners Art Hicks, Kelly McBride, Rufus Bartell, and Ron Bartell Jr.
Who approves petty cash? ›
The custodian is responsible for reviewing requests for reimbursem*nt and/or compensation, disbursing funds, and approving all petty cash transactions.
Who should reconcile petty cash? ›
The custodian should reconcile the fund monthly and annually. They must retain completed Petty Cash Reconciliation Forms for their department records and be able to provide copies of these forms in the event of an audit by the Office of the Treasurer.
Who maintains petty cash? ›
The petty cash book is maintained by the petty cashier. He is the one responsible for recording the petty cash transactions in the petty cash book. Also read: Cash Book.
Who handles the petty cash book? ›
Every company has a petty cashier who is responsible for maintaining the petty cash book. Basically, the petty cashier receives money from the head accountant in the form of a cheque. That cheque is then converted to cash in the bank and recorded on the receipts side of the petty cash book.
Who is in charge of petty cash book? ›
Along with a regular cash book, most companies maintain a separate petty cash book to record small and daily expenses like food, fuel, office supplies, electricity, postage, newspaper, travel, etc. The person responsible for recording these transactions is called a petty cash cashier.
Who has custody of petty cash box? ›
Safekeeping of petty cash funds/bank: only the custodian is provided access to petty cash funds and is responsible for their disbursem*nt. Petty cash is stored in a lockable box and locked when not in use.
Who is responsible for petty cash box? ›
Petty cash box procedures
That keyholder is the only one who can remove and disburse cash, and is also held accountable for the balance in the box at all times. The keyholder is often a supervisor and should not be the bookkeeper responsible for recording the transactions at the end of the month.
Which department handles petty cash? ›
The Petty Cash Management Officer works in the Finance department and is responsible for Petty Cash Management at Central Services.
