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Define petty cash reimbursement?

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Question ajoutée par Abdullah Mahhaden, CFA, CPA , Assurance Manager , Grant Thornton
Date de publication: 2013/06/15

A small fund of cash kept on hand for purchases or reimbursements too small to be worth submitting to the more rigorous purchase and reimbursement procedures of a company or institution.
Petty cash funds must be safeguarded and documented to ensure that thefts do not occur.
Often a custodian for the funds is appointed who is held responsible for any shortfall or lack of documentation of petty cash.

Faisal Ba-aqeel
par Faisal Ba-aqeel , Procurement and Facility Manager - KSA , Delivery Hero

To refill the fund according to the released amounts.
That can happen by submitting the related invoices back to the company so they can settle those paid amounts in a financial way, also in some cases the Finance would retrieve that entry/value internally under the exact related cost category (if that paid amount was having a known and existing expenses type).

Muhammad Zia Ullah
par Muhammad Zia Ullah , Account Officer , S.M Food Makers (pvt) ltd

i case of emergency need of an equipment of small cost, management may authorizes his employee to purchase that equipment either following the legal formalities mentioned by the management in cause of other major purchases.
and reimbursement of that expense made from petty cash.

khaled Ibrahim Sayed Abd El Salam Ibrahim
par khaled Ibrahim Sayed Abd El Salam Ibrahim , Chief Accountant , -ElMehy engineering company

Is to pay any expenses on a cash basis for the company either by a legal invoices or any receipt or even without any documents As long its approved by the authorized person for run these expenses, but it must be written on it the code for these transactions as well in order to safe time and effort when making the entry of it on the chart of Account for any Company.

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