Checking. Small office suppliespens, erasers, staplers, etc. Besides his extensive derivative trading expertise, Adam is an expert in economics and behavioral finance. Before establishing a petty cash fund at your small business, be prepared to create a petty cash accounting system. Note receivable and interest collected by bank on Donahue's behalf: $770 Travel expense reimbursement may include personal vehicle mileage or commercial coach transportation, hotel accommodations, parking and meals; provided, however, the amount of reimbursement by Customers shall not exceed the amounts authorized for state employees as adopted by each Customer; and provided, further, that all reimbursement rates shall not exceed the maximum rates established for state employees under the current State Travel Management Program (xxxx://xxx.xxxxxx.xxxxx.xx.xx/procurement/prog/stmp/). dr all receipts for petty cash $383 (was 210 before) dr petty cash 50 cr cash 50 Prepare a bank reconciliation using a company's bank statement and cash account. Quick Read: A Guide to Travel Expense Reimbursement. Petty cash is a small amount of cash that is kept on a business or company's premises to pay for minor expenses and needsusually, no more than a few hundred dollars. Petty Cash Fund is being reduced 2. List of best petty cash management software, Streamlining your petty cash management with Happay, Petty Cash Accounting: 6 Steps to Setup, Reconciliation, Challenges, Solving Top 5 Branch Petty Cash Problems with Happay, Assign a petty cash custodian responsible for managing the petty cash fund, Determine the money needed for the petty cash fund and transfer it from the companys bank account to the petty cash fund. - NSF check returned by bank - 480 A debit is an accounting entry that results in either an increase in assets or a decrease in liabilities on a companys balance sheet. When an employee takes money from the petty cash fund, the petty cash custodian must record who took the money, the amount taken, what the money is for, and the date. However, the difference is so minor that it is completely immaterial to the results in the financial statements. Chapter 6: Cash and Highly-Liquid Investments, Chapter 1: Welcome to the World of Accounting, Chapter 11: Advanced PP&E Issues/Natural Resources/Intangibles, Chapter 12: Current Liabilities and Employer Obligations, Chapter 15: Financial Reporting and Concepts, Chapter 16: Financial Analysis and the Statement of Cash Flows, Chapter 17: Introduction to Managerial Accounting, Chapter 18: Cost-Volume-Profit and Business Scalability, Chapter 19: Job Costing and Modern Cost Management Systems, Chapter 20: Process Costing and Activity-Based Costing, Chapter 21: Budgeting Planning for Success, Chapter 22: Tools for Enterprise Performance Evaluation, Chapter 23: Reporting to Support Managerial Decisions, Chapter 24: Analytics for Managerial Decision Making.