Hi, I work for the most difficult man, when I took this job there was no training I have had to fend for myself, I have not ever in my life have had to deal with pettycash, my question is, how do i resupply the pettycash fund? I have to keep 100.00 dollars in petty cash, out of this I have to make change. My boss wants 100.00 dollars in petty cash at all times, so out of what fund do I get the money to resupply petty cash? stupid question right?

Wondergirl

There must be a company bank account that you (or your boss) can draw petty cash from.

Athos

Not a stupid question. If you're not told what to do, how would you know?

Petty cash is replenished by writing a check to (Petty) Cash, cashing it, and putting the money in the petty cash drawer. You then balance the expenses against the cash you withdrew.

You mentioned "what fund". That sounds like you may be with a non-profit. Generally, but not always, the General Fund is the one that uses petty cash.

You can't keep $100 "all the time" in petty cash because the purpose is to disburse money for small, incidental expenses that don't require a check. Unless you're sitting in the lap of a bank teller, the petty cash will always go down. Over time, you'll get a feel for when the petty cash should be replenished. It's not unusual for small unexpected expenses to wipe out the cash drawer. In that case, just go the bank and get more.

SafeHeart

Athos' answer sounds correct. Just make sure yoiu are getting receipts for the money you give out or have someone sign something saying they took the money.

felgar

You did not mention if you are working in a Company or a private person. So I will assume you are working for a private person.

Petty cash is issued purposely for small purchases, no need to prepare check every time. But remember, all purchases should always be covered with receipts to support your expenditures. Before you spend it all, you must have had replenished your petty cash of $100.

For example, if you already spend $60 from the $100 issued to you as petty cash, what you should do is to summarize the expenses stating the items purchased and the corresponding amount, and attached the receipts. Based on this example, you prepare a check in the amount of $60 and have it approved or signed by your boss then encash it from the bank.

By this, you always have that $100 petty cash on hand.