A petty cash voucher is generally a small form that is use to document an expenditure (payment) from a petty cash endowment. Petty cash vouchers are also point out to as petty cash receipts and can be purchase from office inventory stores.
The petty cash voucher should provide distance for the date, the amount contributes, the name of the person receiving the money, the reason for the expenditures, general ledger account to be charge, and the label of the person disbursing the money from the petty cash endowment. Some petty cash vouchers are pre-numbered and sometimes a number is appointed for reference and control. Receipts or other documentation explain the expenditure should be attach to the petty cash voucher.
When the petty cash endowment is replenished, the complete petty cash vouchers provide the documentation for the replenishment check. It is a physically small form since it must fit within the petty cash box or drawer.
Benefits of Petty Cash Voucher
A petty cash voucher is an important form of evidence for rectifying the remaining cash in the petty cash box. At the beginning of an accounting period, there should be a certain amount of cash in the box and no vouchers (which should have been remove as part of the month-end entry for the previous month). Then, as cash is dispense from the petty cash box, the vouchers are actually swapped for cash. Thus, at the end of the month, the total amount in the petty cash box should still equal the balance at the beginning of the month – except that now the total is contain of both cash and vouchers. If there is a difference between the beginning and ending figures, then it is likely that cash was remove without any voucher documentation, or else that the amount on a voucher was incorrectly declare.
At the end of the month, the information in the vouchers is arrange to create a journal entry to credit the petty cash account and debit a variety of expense accounts (depending upon the uses to which the cash was put). The vouchers are attach to the journal entry as evidence of the underlying transactions.
Uses of Petty Cash Voucher
Some of the uses for the petty cash voucher, the information on it should contain the following:
- The amount of cash taken
- The date on which the cash was taken
- The name of the person who took the cash
- The type of expense to be charge
On petty cash voucher, you could also include the account number to charge for the expense, though the name of the expense is generally sufficient information to allow the general ledger accountant to construct a sufficient journal entry.
These vouchers help to financially control the petty cash accounts in order to make sure that no one can abuse or mismanage the funds in the petty cash fund.