petty cash receipt template

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Petty Cash Receipt Template: What You Need to Know

Petty cash refers to a small fund of cash that is kept on hand to cover small expenses such as office supplies, delivery fees or other small expenses. However, keeping track of petty cash expenditure can be a difficult task. This is where petty cash receipt templates come in handy.

A petty cash receipt template is a document that helps to keep track of the expenses made from the petty cash fund. It is used to document items such as the date, amount, and purpose of the purchases made using the petty cash. By using a template, it eliminates the need to create one from scratch every time an expense is made.

Why is a Petty Cash Receipt Template Important?

Several reasons make a petty cash receipt template important. Firstly, it keeps a record of all the expenses made using the petty cash. This document can be used to track spending, determine which expenses are recurring, and which should be reduced or eliminated. Without keeping track of these expenses, the petty cash fund may run out without knowing where the money went.

A petty cash receipt template also ensures that there is a clear paper trail in case an expense needs to be refunded. If, for example, the item purchased is damaged or malfunctioning, the receipt is needed to prove that the purchase was made using the petty cash fund. It also helps to show the business’ tax obligations if they need to provide receipts or invoices to the authorities.

What Should Be Included in a Petty Cash Receipt Template?

A petty cash receipt template should include several key pieces of information. Firstly, the date of the purchase should be included. This helps to keep track of when the transaction was made and how long the petty cash fund can be used.

The second key piece of information should be the amount of the purchase. This helps to keep a tally of how much has been spent and how much remains in the petty cash fund. The purpose of the purchase should also be included. This assists in determining which expenses can be reduced or eliminated from the petty cash fund.

An additional section that can be added to the petty cash receipt template is that of the approver. This individual is responsible for approving the expense before it is made. This helps to ensure that only necessary expenses are being made and that the petty cash fund is not being abused.

How to Create a Petty Cash Receipt Template

Creating a petty cash receipt template is easy. Simply follow these steps:

  1. Open a new spreadsheet in Excel or Google Sheets
  2. Add columns for the date, amount and purpose of purchase
  3. Add additional columns if needed
  4. Add a section for the approver if necessary
  5. Save the template for future use

That’s it! With a few simple steps, you can create a petty cash receipt template that can keep track of expenses and maintain accurate records of spending.

Conclusion

A petty cash receipt template is an essential document for any business that keeps a petty cash fund. It helps to keep track of expenses, ensures that there is a clear paper trail in case an expense needs to be refunded, and shows tax obligations to the authorities. By creating a petty cash receipt template, businesses can efficiently manage their petty cash fund and ensure that all expenses are necessary and approved.

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