Petty cash log template is a document that deals in keeping the record for small transactions made at a company or an organization. Certain expenditures made at a company do not require the transaction of huge amounts of money. Money-related divisions in any organization are in charge of the issuance of petty cash logs. Such transactions are then handled using small amounts of cash instead of checks or band transactions since that would cost the company more. As the name describes, petty cash log-only deals with the log entries made specifically for minor expenses made at a company.
Why is Petty Cash Log Necessary?
Transactions, either small or large, must be kept in the records so as to calculate the annual revenue of any company and avoid any errors or omissions in the budget management. A petty cash log can come in handy when a business needs to make an exchange of an amount that is not much big, and transacting it through a debit or a credit card or even through any other resources other than cash would be costly for the company. There are an extensive variety of sorts of cost receipts depending upon the sort of business.
Primary Purpose of Using a Petty Cash Log
A petty cash expense log format generally depicts purposes of intrigue that may incorporate kind of things sold, date and time of the trade, amount of the things sold, solitary costs, aggregate of the extensive number of things, vendors and buyer’s name and contact, unpretentious components of the dealer. Clients, in general, have a higher respect for an affiliation that handles exchanges in a more ace way with professionally made cost receipt groups. Moreover, finance department at any enterprise set aside an amount of money in an envelope in the form of cash to be used for such meager expenses in time of need.
Details of Petty Cash Log
A petty cash log is usually attached to the envelope to make it easier for the person in charge to make the entries in the cash log. A petty cash log can be produced in Excel or Word contingent on the utilization and the sort of format required. It can also be done by hand, simply by using paper and a pen. The most common method to use a petty cash log is to take a printout of the document and fill it up manually. To produce once such a format, the budgetary experts would require the points of interest for the greater part of the tasks running in the organization, and the majority of the business dealings should likewise be told to them.
Usages of Petty Cash Log
From every small expenditure such as that made on a coffee or water distributed among employees in a meeting to the photocopy of a few documents for official purposes are noted in the petty cash log. The expenses made on the employee office supplies are also taken from the money regarded under this category and are then added to the petty cash log. At times, when the budgetary year ends at a corporation, minor financial differences are cleared out using the records kept in a petty cash log.
