Accounting for Petty Cash Transactions
Posted On : 2016-06-06Small companies designate petty cash funds for small, last-minute expenses. Buying lunch for staff, purchasing office supplies or postage are the types of expenses paid out of petty cash. Even though the amounts are small, petty cash expenses can add up to annual amounts that must be tracked for financial reporting purposes. For this reason, safeguarding and accounting for petty cash transactions should not be overlooked....
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