Every business manager knows the key to improving a company’s bottom line is efficient asset control. One asset that eludes control is the petty cash box. Most businesses employ inaccurate estimations in preparing financial records, which is detrimental in the long run. However, you can use a petty cash log to track and manage incidental transactions.
What Is A Petty Cash Log?
A petty cash log is a formal ledger of a company’s incidental spending that enables the business to run day-to-day operations expediently. The petty cash journal is simply a record of debit, credit, use of funds, and reconciliation processes.
- Small purchases such as sugar, coffee, and office stationery
- Reimbursing employees for work-related duties out of standard remuneration
- Giving change to customers who pay cash
- Paying for business associates lunch
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