Cool Tips About How To Handle Petty Cash

Should not exceed 50% of the total fund,.

How to handle petty cash. For the account name, type petty cash. Petty cash is a small amount of cash a company keeps on hand to cover small expenses. The most effective way to improve the management of petty cash is to move into the digital age.

Designate a reasonable amount establish a reasonable amount for your petty cash fund. Select bank from the account dropdown menu. When you give cash to an employee or use petty cash yourself, record it with a slip of paper to track who, when, and what the money was used for.

Odoo makes handling small cash a breeze. You would just put it as a miscellaneous office expense. It is also known as a petty cash fund.

That is why i want to give you some pointers how to handle petty cash properly. Decide on a float and when to replenish. There’s no longer any need to rely on handwritten notes and paper forms.

Then get rid of petty cash! How it works is simple: It is too much trouble.

Only you and the employee designated to oversee the fund should have the keys. Select the amount of cash from the detail type menu. This is like a receipt to track.