20 Free Petty Cash Receipt Templates Word PDF

Our PDF Editor makes it easy for all users to edit the receipt fields. The Internal Revenue Service (IRS) recommends filing out petty cash slips and attaching them to receipts to record and document petty cash expenses. Happay’s petty cash management solution reduces the risk of fraud and theft by eliminating the need to keep large amounts of cash. You can also track expenses in real-time and view detailed reports.

If cash balance becomes very low, then it is replenished via cheque. It should be easy to modify the different entry fields (which can be done through the addition or removal of entries) so that they align with the requirements for a specific transaction. This can be helpful for a large company where a single template has to be used by multiple departments and different categories of expenses. It must also be customizable to allow for any changes in the company’s cash management practices. A petty cash voucher is usually filled out before purchase, so an employee can be credited with the exact cash amount to go and buy what they need.

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The Galaxy’s Best Yogurt establishes a petty cash fund on July 1 by cashing a check for $75 from its checking account and placing cash in the petty cash box. At this point, the petty cash box has $75 to be used for small expenses with the authorization of the responsible manager. The journal entry to establish the petty cash fund would be as follows. Petty Cash voucher templates are available in various formats and types.

• The English word “petty” derives cash flow from the French petit, which means “small” or “little.” Likewise, “petty” means minor or insignificant.
• Additionally, you can choose to encrypt your payment form with Jotform’s Encrypted Forms 2.0 — a feature that allows you to create your own access code on a form-by-form basis.
• A voucher is a bond of the redeemable transaction type which is worth a certain monetary value and which may be spent only for specific reasons or on specific goods.
• The term “petty cash” refers to the small cash fund a business keeps on hand to cover small emergency and unexpected expenses.
• The amounts vary between companies but may be anywhere from $50 to $500.
• Petty cash is usually a relatively small amount, and is grouped with the general cash account on the balance sheet in current assets.

Once the form is filled out, the person taking the money should sign it and submit it to the person responsible for the petty cash fund. The person responsible for the petty cash fund then reviews the voucher and verifies if the amount requested taxable income vs gross income is within the budgeted amount. They eliminate discrepancies and enable easy and accurate reconciliation of petty cash funds. When there is a shortage of cash, we record the shortage as a “debit” and this has the same effect as an expense.

How To Create A Cash Vouchers In Microsoft Word

However, should this process be laborious and time-consuming, you can download the free printable templates available below. You can modify these editable receipts to meet your business’s needs and documentation requirements. Yes, Jotform has over 30 receipt templates to choose from — and many of them are industry- specific. Simply choose a template that aligns with your requirements and personalize it to suit your needs. On the downside, the convenience of petty cash can also make it a problem, and a risk. Cash is hard to secure and impossible to track; it’s very easy for bills to disappear without a trace—even if you’ve established a careful system of receipts or vouchers.

Looking for a petty cash voucher template? We got you

Therefore, we call the vouchers as the base of the accounting system. Voucher is prepared by the accountant with the help of source document. A business can define metrics to use to determine the accuracy of expense records. Metrics refer to the type of information collected for each transaction. You can create a standardized document that ensures the same type of information is recorded, thus reducing errors and discrepancies in accounts.

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The amount of money to be put in a petty cash fund depends on the needs and expenses of your business. It should be an amount that is sufficient to cover small day-to-day expenses. However, this amount can be more or less depending on the size of the company and the nature of its expenses. The amount should not be so large that it poses a security risk to a company’s finances but should be enough to cover trivial expenses.

This should work whether your business operates with an open, fixed or imprest system for petty cash. This means that companies don’t need to have  a petty cash voucher book and separate receipt book since the document is the same and only the title is different. In a rental business, deposit receipts are provided by the landlord to its tenants as proof of payment for their rental deposit. Landlords are expected to request for a security deposit from their new tenant at the start of a lease or upon signing of the contract. It is needed to protect the landlord for any damages or violations made by his or her tenant. Once the lease is finished, if there are no violations or damages made by the tenant, the landlord must return the security deposit.

Remember, accuracy is a huge consideration during the reconciliation and auditing of petty cash. So, accurate records reduce the chances of misreporting the financial position of your company or department. A petty cash voucher is a document containing the information required to justify taking and spending any money from the petty cash jar. These documents make up part of the records inside a petty cash book, and are most often used in small businesses.

It is a form or slip that usually accompanies a withdrawal of funds from petty cash. The money will have been withdrawn for a specific, identifiable purpose, and the voucher records these details and explains what was purchased and how much it cost. They are ideal for recording transactions in the petty cash account. A cash voucher is a standard form used to document a petty cash payment.

This system involves setting aside a small amount of money from the company’s bank account to cover costs like coffee, postage stamps, or stationery. Advantages to Using Petty Cash It is an accessible, convenient way to pay for small purchases. When a business doesn’t provide access to company credit cards, or employees would rather not wait to be reimbursed for purchases, using petty cash is a simple alternative. This includes cash sales, receipt of funds from a bank loan, payments from customer accounts, and the sale of assets.

Petty Cash Voucher: What Is It and How to Use It?

When a petty cash fund is in use, petty cash transactions are still recorded on financial statements. The journal entry for giving the custodian more cash is a debit to the petty cash fund and a credit to cash. Remember, for all journal entries, total debits must equal total credits. Sometimes, the petty cash custodian makes errors in making change from the fund or doesn’t receive correct amounts back from users.

A Petty Cash Voucher is a document used by an employee if they want to disburse a purchase. The employee can fill up this document and give it to the cashier or accounting department to get a cash reimbursement. The petty cash voucher is a very small form that is normally sold at office supply stores or stationery shops. Petty cash funds are also managed by the finance department, and one officer is appointed to cross these funds whenever needed. To create your own receipt template, just connect a Jotform payment form to one of our ready-made PDF receipt templates and customize it to fit your needs.

The vouchers, when complete, can be filed, generally in date order. If you are using them in Excel, you can set up a file within your computer or on the cloud. The example above shows a cash advance of 50.00, change of 14.52 and a total amount spent of 35.48. Textbook content produced by OpenStax is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike License . However, the small nature of these accounts means auditors and small business owners often overlook them.