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Prerequisite Setup
1. Define Petty Cash GL Account and AR Clearing GL Account
Enter one supplier record named "PETTY CASH" or: PETTY CASH FUND and create a
site under this supplier in the name of the employee acting as a petty cash administrator.
For example:
Supplier Name: PETTY CASH FUND
Site Name: c/o YOLANDA S. JIME (the Cash Custodian)
The petty cash administrator submits a petty cash request to the accounts
payable department for the amount of the new fund.
Enter the petty cash request as a standard invoice.
When you close a petty cash fund, the credits to the petty cash account
should equal the amount of the petty cash fund you are closing.
Prerequisites:
Establish a formal notification procedure for the administrator to
follow if the petty cash fund is to be closed or transferred to another
administrator.
If there is cash remaining in the fund, the administrator returns the
cash or writes a check to your company in the amount of the
remaining balance.