Friday, August 23, 2013
Question of the week: What is Petty Cash?
Some offices keep a small amount of cash, perhaps $100, available to pay for incidental expenses. Someone spends their own money to make a purchase, then turns the receipt in to the office and are reimbursed from the petty cash. The total of the receipts plus the remaining cash always totals the starting value of $100 in petty cash.