Remember that only small amounts should be recorded in the log and if you have this type of log, you’d have to specify this to the person you would put in charge of your funds. The debit part of your log would only include one column, which would be the cash received from the cashier. With this type of log, you’d have to create a separate column for each of the headings of expenses in the credit part of your log. Then at the end of the day, you can compute the total funds you have left in your box. The amount which is received from the head cashier is written down on the debit side of the log and the petty payments made by the cashier are written down on the credit side of the log. You’d only have to make a column for the amount and a column for the date. This type of log is the most basic and is similar to a single cask log. You may find out that certain types might apply to your business more effectively and so you can format your log the same way. Though you can make your own petty cash log template, learning about the different types can help you out immensely. Before you start making your log, it would be helpful to learn about the different types, which would serve different purposes. Think about starting this system in your own business then you can start creating your own log which will be used by the persons you will assign on a day to day basis. You’d be able to conveniently complete a transaction using cash right then and there.Īs you can see, having a record of your small transactions is very important as it would make work a lot easier and a lot more convenient.
Having this kind of log book would aid in making your main cash book a lot more informative.Therefore, your head cashier would have more time to effectively manage and even control the bigger and more major cash transactions in the business. It lessens the amount of work of the head cashier in the business as he/she would not have to be the one to handle the smaller transactions.It can serve as a reference if you’d like to compare expenses between two time periods and it would aid in controlling your petty expenses more efficiently.It would provide the information needed with regards to small transactions which have been made and recorded by different people a lot more quickly and easily.It is a very systematic way for you to maintain documentation of all petty payments and expenses which occur in your business on a daily basis.Here are the important reasons why it would be beneficial to have such a book or log for your petty expenses: Especially when dealing with smaller amounts, which could go unnoticed, having a log or a record would allow you to keep track of everything as the small amounts pile up. In all kinds of businesses, it would be very important to have your own petty cash log to monitor and record all your transactions. Some examples of such small payments are bus, taxi or car fare, stamps and postage, payments for coffee or tea and others. Typically this kind of book or log is created for small payments or transactions which involve small amounts so that everything is recorded, no matter how small. The amount, date and purpose (for expenses) would have to be listed down so your record will be comprehensive and complete. When your organization has an actual book for petty expenses, all your cashier would have to do is list down everything right after every transaction. Throughout the day, quite a number of petty expenses are done especially for bigger organizations and having a book to record everything in is essential so you don’t lose track of your money and you don’t end up having questions about daily expenditures.