Petty Cash
The fixed amount of money that the petty cash tin is always replenished to.
Imprest Amount
An accessible store of money kept by an organisation for expenditure on small items.
Petty Cash
Important to ensure the integrity of a business's operations.
Petty Cash Authorisation
The person responsible for checking all details of the petty cash voucher. They must ensure that the payment is authorised within the appropriate enterprise procedures and guidelines, and that it matches the supporting documentation (e.g. receipt).
Petty Cash Cashier
A document that provides information about the petty cash payment.
Petty Cash Voucher
An account used for small, one-off items that don't fit in other categories.
Sundry Account
A document issued by the seller to the buyer for the amount of the goods sold to them. Tax invoices are also required to show the amount of GST charged.
Tax Invoice
The petty cash fund is a special fund set up to pay for minor expenses with cash instead of paying by cheque (e.g. tea and coffee, fares, stamps). It is always replenished to the imprest amount.
What is the purpose of a petty cash fund?
To ensure the integrity of a business's operations. This proves that all expenses are legitimate and prevents fraud.
Why do petty cash vouchers need to be authorised?
To be able to claim tax credit inputs from the Australian Taxation Office for the GST already paid for minor expenditure on taxable supplies.
Why is it important to have a separate column for GST?
