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Replenishing the petty cash fund means the petty cash custodian requests and receives cash from the company’s regular checking account in an amount that will return the cash on hand to the amount shown in the general ledger account Petty Cash.
It requires replenishment to refill the petty cash balance. Company needs to record expenses on the income statement and increase the petty cash balance to $ 500. We have two options to record the replenishment.
Nov 8, 2019 · Petty cash replenishment refers to the process of restoring the cash balance in the petty cash fund back to its original imprest amount. Suppose for example a business maintains a petty cash fund of 300.
Jun 8, 2023 · Replenishing the Fund. In any given month, a custodian will make various disbursements from the petty cash fund. At some point, the fund will have to be replenished. For example, assume that during April disbursements totaling $84.32 were made from the $100 petty cash fund previously established.
Jun 27, 2024 · What is Petty Cash Replenishment? Petty cash replenishment occurs when funds are added to a petty cash box. The amount of the replenishment should be sufficient to bring the cash balance of the cash box back up to its designated balance.
Replenishment of the Petty Cash. (1) The petty cash shall be replenished as soon as disbursements reach at least 75 per cent of the petty cash or as needed. (2) Replenishment of the petty cash shall be made through a DV prepared by the BT/PCC, supported by a SPCD, paid PCVs and supporting documents.
Oct 11, 2022 · A petty cash fund is a small amount of cash on hand, usually less than $500, used to cover incidentals or petty expenses. Accounting for petty cash can be done either manually, since it only deals with small expenses, or made easier with bookkeeping software and employee expense cards.
