Petty Cash Accounting

Petty Cash: Meaning, Accounting, Management, and Examples paticash Introduction Petty cash is a nominal sum which is preserved in hand to cover minor expenses, such as reimbursements or other office-related expenses paticash It is prepared by two methods: Ordinary system: In this case, a fixed sum of money is paid to petty cashier for the payment of petty expenses and after spending

paticash Imprest Petty Cash: In the imprest system, a fixed, predetermined amount of cash is kept for a certain period, which normally does not fluctuate