Small business expenses, like miscellaneous payments and stationery costs, are paid with cash. The cash used comes from the petty cash funds of the business. Petty cash is a small amount of cash kept by a business that and made readily accessible to pay for small or immediate costs, especially those that are used in business operations. Every time cash is drawn from the petty cash fund, it is recorded in a log sheet called a petty cash register. How does this petty cash register works? Let’s find out.
FREE 10+ Petty Cash Register Samples and Templates in MS Excel | PDF | MS Word
1. Standard Petty Cash Register Log
2. Petty Cash Register Template
3. Sample Petty Cash Change Register Log
4. Petty Cash Register Change Form Template
5. Petty Cash Receipt Log Template
6. Petty Cash Transaction Register
7. Simple Petty Cash Register Log Template
8. Petty Cash Credit Card Register Log
9. Petty Cash Fund Register Template
10. Register of Petty Cash Log Example
11. Sample Petty Cash Change Register Log
What Is a Petty Cash Register?
Businesses don’t always need to issue cheques whenever they need to pay certain expenses. It’s unreasonable to issue a cheque if you only need a small amount of money. Processing a check will also take a lot of time, and the wait time may affect some of the operations of the business. That is why a business must keep a petty cash fund accessible whenever they need to make small expenses. The purpose of a petty cash fund is to cover minor business expenditures like the purchase of office supplies, lunch payment, postage, taxi fares and other transportation fares, etc. Petty cash funds are basically cash on hand that usually does not exceed $25.
Misuse of funds is a problem that may arise when cash is accessible. The fund may be used inappropriately or mishandled. Even if it’s just a small amount, misuse of the fund will result in a loss for the business in the long run. That is why all transactions involving the use of the petty cash funds must be recorded in a petty cash register. The petty cash register is like a worksheet specifically used to record the date of transaction, amount before and after funds were taken, who issued the funds, and reason for using the funds. Reimbursement transactions are also recorded in the petty cash register. It is also necessary to issue a petty cash receipt when using petty cash funds.
How to Make a Petty Cash Register
Making a petty cash register is easy. The good thing is that there are several ways on how you can make it. So, if you need a petty cash register, you’ll find the following methods useful.
1. Traditional Pen and Paper Method
It’s easy to find a pe and paper, especially in an office setting. That is why it was the preferred method before the printing press and computers were introduced. It’s still used today by some businesses, usually when they ran out of petty cash log sheet templates. Some even have it photocopied, so that they’d have a backup ready when they need it
2. Using Word Document
Since we are in the age of computers, using a Word document is preferred over the traditional pen and paper method. This computer application is user-friendly and allows you to quickly and conveniently create a table to make a log sheet template. There are also ready-made templates that you can edit according to your preferences.
3. Using Excel Spreadsheet
Excel spreadsheet is another way to whip up a petty cash register quickly. You’ll see a lot of columns and rows in this application, so there’s no need to create a table grid. You’ll just need to labels the columns you need and apply the colors of your choice. Editing is also easy. After making your petty cash register, you can save the file and make it a printable log sheet template for your business.
4. Using Templates
Now, if you don’t want to go through the process of actually making the template, then you can always go for ready-made templates. There are a lot of petty cash register templates that you can find online. You can always use the samples and templates provided below. Just download your selected template and print a copy.
What are the minimum and maximum amount to keep as petty cash?
There is no exact amount required for a petty cash fund. The amount is basically up to the business as to how much they want to keep as petty cash. Certain factors will affect the petty cash amount kept. The bigger the business, the bigger the petty cash fund is. As mentioned, some businesses generally keep $25, but other businesses may keep as much as $200.
Who handles petty cash funds?
In retail stores, petty cash funds are handled and monitored by the cashier. In some institutions, a petty cash custodian is responsible for securing the petty cash funds.
Where should I store petty cash funds?
There should be a locked cash box dedicated only to the party cash funds. A small safe is also great for keeping the money. Only the cashier or petty cash custodian should have access to the keys or lock code to the cash box or safe.
Keeping track of small business funds is easy when you have a petty cash register. Make it a point to always have it near where your petty cash funds are stored so that all uses of the fund are logged. It’s also a good practice to monitor the funds and the sheet regularly to ensure the appropriate use of funds and so that you won’t run short of accessible cash.
FREE 10+ Cash Book Samples and Templates in MS Word MS ...
FREE 8+ Cash Receipt Templates in Google Docs Excel | MS Word ...
FREE 41+ Sample Receipts in PDF MS Word
FREE 36+ Printable Receipt Forms in PDF MS Word
Simple Steps to Create a Receipt in Excel
FREE 16+ Sample Receipt Forms in MS Word
FREE 9+ Audit Memos in MS Word Google Docs
FREE 22+ Blank Receipt Templates in Google Docs Google ...
FREE 9+ Sample Payment Voucher Templates in PDF
FREE 39+ Sample Receipt Forms in PDF MS Word
FREE 32+ Receipt Samples in PDF MS Word
FREE 7+ Sample Payment Vouchers in PDF
FREE 30+ Cash Receipt Templates in Google Docs Google Sheets ...
FREE 11+ Printable Hotel Receipt Templates in PDF MS Word
FREE 12+ Gym Membership Receipt Samples & Templates in PDF ...