How to run your Petty Cash

1. Keep Petty Cash receipts and manually note every deduction from Petty Cash.
2. Reconcile Petty Cash on a weekly basis (daily if necessary).
3. For example:
   1. Count money in petty cash tin ($32.50).
   2. Tally petty cash receipts. (67.50).
   3. 1. (32.50) and 2. (67.50) from above should equal $100.00.
   4. Record the expenses as payments from Petty Cash in VisionVPM.

Posting Petty Cash Expenses

• Use a Cashbook Payment to record the Petty Cash expenditure from the Petty Cash Control account.
• Remember to change the Bank A/c to the Petty Cash Control A/c.
• Remember to account for GST correctly on each item entered as per the expense receipt.

Using the above example the Petty Cash float will now be reduced from $100 to $32.50 which will need to be reimbursed to the Petty Cash float to keep it at $100.00.

Reimbursing the Petty Cash Float

1. Cash another cheque for $67.50, to bring the Petty Cash float back to $100.00.
2. In VisionVPM prepare a Cashbook Payment to the Petty Cash General Ledger account.

   

Both your Petty Cash Float and your General Ledger account for the Petty Cash Control account should now be back at $100.00.