To keep a petty cash register, decide whether to use a written or computer record, create a record with input columns, record transactions, and save receipts. Keep track of the balance and decide who has access. Save receipts for all transactions to prove expenses.
To keep a petty cash register, you will first need to decide whether you want to keep a written record or record transactions on a computer. Next, you’ll need to create or retrieve a record that has the appropriate input columns, such as dates, transaction amounts, income or expense descriptions, and balances. Once this record is created, you can keep track of it by simply recording each time you pay for something with cash or receive money in cash. Also, you can benefit from saving receipts to back up your log entries.
When you need to keep a petty cash register, it’s important to understand that you have options when creating it. You can use a written record, a computer program specifically designed to record cash transactions, or even a spreadsheet to create your record. However, if you decide to use a computer option to record cash, it is usually essential that you back up your files on a regular basis. If you don’t remember to do this, you may have a hard time figuring out how you spent little cash and proving your spending if your computer system crashes.
Typically, a petty cash register will have a designated area for recording various pieces of information. For example, the record you create should have a column for entering the date you paid with cash or received cash, as well as a column for whether or not you received a receipt to document the transaction. Your record must also include an area to list the party you paid cash to or the person you received money from and the amount of the transaction. You will also need an area to describe the transaction. For example, you might note in this area that you paid for supplies or received a donation.
When you keep a cash register, you will also need to keep track of the balance in your account. This means that you will need a column in which to record your petty cash balance after each transaction. Keeping track of your balance is not only good record keeping, but it can also make it easier to notice when it’s time to replenish your small cash pool.
If you are running a business that has employees, you will need to decide who will have access to your cash and be responsible for keeping the record. If more than one person will have access, you will need a system to record who is responsible for which transaction. You can keep track of this by adding a column to your record for the employee’s name.
In addition to keeping a record of petty cash, it is also important to keep any receipts you receive in connection with petty cash. This even includes receipts for small amounts that you don’t think are very important. You may need these receipts later to help prove some of your expenses.
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