Free Petty Cash Receipt Templates

A simple receipt template is a form that businesses use to create official customer-facing receipts. Record the date of purchase, receipt number, salesperson, client name, item(s) purchased, tax rate, shipping and handling costs, and purchase total. 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. Remember, accuracy is a huge consideration during the reconciliation and auditing of petty cash.

Allocate enough space for describing the purpose of the expense and any additional details. Harold Averkamp (CPA, MBA) has worked as a university accounting instructor, accountant, and consultant for more than 25 years. If you need to replenish the funds every few days, it probably means your fund is too small. However, it’s when the actual figures and calculated figures don’t match that issues crop up and your team is left scrambling. For bill of sale resources, see this article on bill of sale templates. Description – To be filled with a brief report on what the funds were used for.

Understanding Petty Cash

For landlords, this easy-to-use rental receipt template is the perfect business tool. It provides your tenants with month-to-month rental receipts and ensures timely rental payments, as it serves as a contractual remittance for occupation of a residence. This template comes three to a page, and includes space for property owner, receipt number, payment method, received from, payment date, and amount paid. It also includes space for a property-location description, the rental period, and any additional information related to tenant- or payment-specific details.

If you’re looking to manage your petty cash fund well; it will take time and effort. Most enterprises handle their business expenses through petty cash funds. Read this article to discover what petty cash is, its different procedures, and how to manage it. The petty cash log should include the date, details of the transaction, the cash you put into petty cash, the amount distributed, and a running balance.

Accounting Issues

Next, total the amount of all the outstanding slips (plus attached receipts). This figure should be the same as the withdrawn sum you calculated from the account starting and ending balances. And the amount of cash you have in your storage box or drawer should be the same as the current balance of the account.

The petty cash custodian then disburses petty cash from the fund in exchange for receipts related to whatever the expenditure may be. There is no journal entry at this point; instead, the cash balance in the petty cash fund continues to decline, while the number of receipts continues to increase. The total of the receipts and remaining cash should equal the initial amount of petty cash funding at all times. However, recordation errors and theft may result in a variance from the initial funding amount. Petty cash is a small amount of cash that is kept on the company premises to pay for minor cash needs. Examples of these payments are office supplies, cards, flowers, and so forth.

How to set up and use petty cash in your business

This way, whenever it is being completed, the custodian and employee do not miss or forget to record important information. A well-crafted premade template is invaluable to any business that wants to monitor their petty cash expenditures. So, whether creating your own in Word or Excel or customizing templates from the internet, following certain tips can result in more efficient and organized templates. On her way to the office, Jane receives a phone call from her boss asking her to stop and pick up some donuts for an unexpected meeting later that morning. Jane doesn’t have a credit card and has only $25 to last her until she gets paid. Software not only makes petty cash easier to track – it’s also more secure.

• While it is true that petty cash funds may not require the same level of oversight as larger funds, they still need to be managed and tracked to prevent fraud or misuse.
• It also means that team members are aware they can’t take cash from elsewhere for small expenses.
• Though not literally cash, it’s money that can be easily and quickly accessed, which is why it’s “on hand.”
• Before replenishing the petty cash fund, he must include the required paperwork in his request.
• This will help the custodian in the long run for when it is about time to reconcile the total amount of petty cash.

Petty cash is the money that a business or company keeps on hand to make small payments, purchases, and reimbursements. Either routine or unexpected, these are transactions for which writing a check or using a credit card is impractical or inconvenient. The receipts are normally reconciled to audit spending before the petty cash funds are replenished.

Simple Petty Cash Receipt

In addition, you’ll find a list of helpful tips for completing these downloadable and fillable Excel receipt templates. Some set lists of approved petty cash expenses, while others leave discretion to individual managers. In almost all cases, though, an employee must present a receipt for reimbursement. A printable petty cash receipt, as might be issued for an online https://online-accounting.net/ purchase, is usually acceptable, as is a photocopy of an original receipt. A petty cash receipt is a document used to record small payments taken from an organization or company’s petty cash fund for unexpected expenses. Cash receipt examples and receipt examples in excel found in the page may be used as basis to understanding what a petty cash receipt really is.

• Once the necessary paperwork has been accomplished, it is time to release the requested amount.
• Use this template to document date, receipt number, amount received, for payment of, received by, received from, payment method, and credit/debit card or check number.
• This sum is the total withdrawn from the account during that time period.
• In this case, if such expenses are not recorded down, it could mean a loss equivalent to $1,000.
• The amount of petty cash will vary by company and may be in the range of $30 to $300.

To reimburse expenses, require a receipt from the employee and then provide them with the exact amount of cash and coins from the lockbox. Then, place the receipt in the lockbox and record the expense in the petty cash log by entering the date, payee, description, reference number, and amount. Petty cash receipts are a common sight in workplaces that constantly need to draw out funds for average total assets small expenses involved in the operation of a business. Petty cash receipts only have a simple goal of recording an expense so it can be processed and funds can then be withdrawn to replenish what was taken. With the continued advancement of digital technology, every form of transaction is becoming a reality. And therefore, smart business owners are embracing the use of this technology.

Receipts serve as supporting documents during internal or external audits. They enable auditors to verify the legitimacy of transactions and ensure compliance with financial regulations. Receipts also aid in reconciling petty cash balances by cross-referencing them with the recorded transactions. Sometimes, the balance in your petty cash fund becomes too low to purchase small expenses.

Once the necessary paperwork has been accomplished, it is time to release the requested amount. Have the requestor count it as well as to doublecheck the amount released. Also, have the person sign the filled up voucher as proof that the there has been an official request for petty cash and that the custodian did not just make the said request. Keep the documentation as this will be used for the reconciliation of the amount. As usage of petty cash involves the company’s resources, receipts should be always be issued.

Enter owner, receipt number, payment method, received from, property location, payment date, rental period, and total amount paid. The template includes three rental receipts per page, and helps ensure that you keep accurate rental payment records and that rent is paid on time. Use this fillable basic receipt template to simplify receipt generation for any product or service that you provide. Enter your company name and contact information, the salesperson, the method of payment, the date of purchase, and the receipt number. Add a tracking number for purchased item(s), purchase descriptions, quantities, unit price, and line item totals. Apply the tax rate and shipping and handling costs (if applicable) to complete the customer-facing receipt.