Definition of Petty cash:
Relatively small amount of cash kept at hand for making immediate payments for miscellaneous small expenses.
Petty cash transactions provide convenience for small transactions for which issuing a check is unreasonable or unacceptable. The small amount of cash that a company considers petty will vary, with many companies keeping between $50 and $200 as a petty cash fund. Examples of transactions that a petty cash fund is used for include:.
A petty cash fund is a small amount of cash kept on hand to pay for minor expenses, such as office supplies or reimbursements. A petty cash fund will undergo periodic reconciliations, with transactions also recorded on the financial statements. There might be a petty cash fund, which can be a drawer or box, in each department for larger corporations.
An accessible store of money kept by an organization for expenditure on small items.
Synonyms of Petty cash
Coins, Loose change, Small change, Cash, Petty cash, Coinage, Coin, Coin of the realm, Hard cash, Silver, Copper, Coppers, Gold
How to use Petty cash in a sentence?
- There might be a petty cash drawer or box in each department for larger corporations.
- I took the money out of the petty cash and paid her.
- Keeping some petty cash around in the office will make it quicker and easier to buy small things that dont hurt your business.
- If you need a small gift for your new clients birthday, you can take the money out of petty cash .
- Petty cash or the petty cash fund is a small amount of cash on hand used for paying expenses too small to merit writing a check.
- A petty cash fund can be used for office supplies, cards for customers, flowers, paying for a catered lunch for employees, or reimbursing employees for expenses.
- I told him that I was not rich and only had some petty cash on me that would be able to pay for only a few things.
Meaning of Petty cash & Petty cash Definition