{"id":3926,"date":"2021-09-08T11:09:41","date_gmt":"2021-09-08T11:09:41","guid":{"rendered":"https:\/\/barristersarwar.com\/?p=3926"},"modified":"2025-03-24T19:07:15","modified_gmt":"2025-03-24T19:07:15","slug":"petty-cash-management-setup-recording-and-controls","status":"publish","type":"post","link":"https:\/\/barristersarwar.com\/index.php\/2021\/09\/08\/petty-cash-management-setup-recording-and-controls\/","title":{"rendered":"Petty Cash Management: Setup, Recording, and Controls"},"content":{"rendered":"

A small company may have just one petty cash fund, but larger companies may need a separate fund for each department or office. The custodian will have responsibility for disbursing the funds, keeping records of those disbursements and requesting replenishment of the fund when needed. As an added petty cash internal control, the custodian should not be the same person who also records the petty cash transactions in the general ledger. Periodic reconciliation is also a fundamental aspect of a robust petty cash system. This involves comparing the cash on hand with the recorded transactions to identify any discrepancies.<\/p>\n