Using Petty Cash
You can use Petty Cash Create (31.2.1) to record petty cash transactions, and use Petty Cash Report to provide summary details on cash transactions.
Petty Cash Create
Petty Cash Create is very similar to Banking Entry Create and supports the same allocation methods.
The postings for a cash-in entry are as follows:
These postings are reversed for cash-out entries.
The system automatically generates a cash report when you save the entry. You can use this report as a receipt for the cash activity. You can also generate weekly or monthly reports.
Petty Cash supports segregation of duties in the same way as banking entry by providing a separate allocate activity so that one individual can create the petty cash transaction and another can allocate it. This means you can:
• Create the petty cash entry and allocate some or all of the lines. You can save the statement in final or draft format.
• Create the statement and save it. Then, use Petty Cash Allocate as a separate activity to allocate the lines, possibly by another person.
Note: If you do not have access to Petty Cash Allocate, you cannot use the allocation features in Petty Cash Create.
