What is Petty cash?

What is Petty cash? paticash Petty cash may be used for small payments of goods or services where the school has no formal account The petty cash expenditure limit should be set by the paticash If there were cash overage, the petty cash account would be debited and the cash over and short account would be credited In this case, the expense balance

paticash Companies often use petty cash to make change for customers and pay for small, unexpected expenses such as office supplies or a small repair

paticash Petty cash funds are for expenditures connected to approved University activities A sum of money is set aside in an imprest account OR petty cash fund, a fixed 2 Fixed system of petty cash Unlike the open system, here, the petty cashier is given a fixed amount of money for a fixed amount of period Once the period is