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Oversight of petty cash [3] is important because of the potential for abuse. Examples of petty cash controls include a limit on disbursements and monthly audits by someone other than the custodian. [4] Use of petty cash is sufficiently widespread that vouchers for use in reimbursement are available at any office supply store.
The source documents for general journal entries may be journal vouchers, copies of management reports and invoices. Journals are prime entry books, and may also be referred to as books of original entry , from when transactions were written in a journal before they were manually posted to accounts in the general ledger or a subsidiary ledger.
A petty cash imprest system is a method of managing small cash expenses in a business or organization. Under this system, a fixed amount of cash is set aside in a petty cash fund, which is used to pay for small and infrequent expenses like office supplies or postage.
A petty cash book is a record of small-value purchases before they are later transferred to the ledger and final accounts; it is maintained by a petty or junior cashier. This type of cash book usually uses the imprest system: a certain amount of money is provided to the petty cashier by the senior cashier. This money is to cater for minor ...
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The success of an audit depends on the thoroughness with which vouching is done. After entering in all vouchers, only then can auditing start. Vouching is defined as the "verification of entries in the books of account by examination of documentary evidence or vouchers, such as invoices, debit and credit notes, statements, receipts, etc.
New federal rules say travelers deserve cash refunds when inconvenienced by their airline – not vouchers or travel credits.
These warrants were used by quartermasters to issue vouchers to acquire food, supplies, munitions, clothing, transportation, etc., for the use of the American military and to maintain Washington's headquarters. Warrants could be redeemed by the army paymasters, but most often they were used like cash by the recipient.