Petty cash is a “small amount of cash that a business keeps on hand to pay for small items or services” instead of writing a check or using a business credit/debit card.
Research a common amount of money kept for petty cash funds in in a small medical office with 40 employees.
In a small business it would be appropriate, depending on the needs of the practice to keep at least $100.00 to $200.00 in small bills and coins, separate from cash drawers and only have one staff member be responsible for keeping it in order with a log sheet of the purchases, how much it was, the date, and name of the person who made the purchase, along with a receipt of the purchase, and I would also get them to sign and date the logbook. This person that is in charge of the petty cash and the office manager, should log and calculate the money and receipts and the beginning of their shift and at the end of the day, and sign off and date it. At the end of the week the staff member that is in charge of the petty cash will take all of the receipts to the accounts manager, so that it can be used for businesses taxes.
Write a policy for use of petty cash in this office. Include items you think might be paid from a petty cash fund.
Petty cash policy for Baker Clinic:
This policy establishes the proper use of the office petty cash funds, which provides …show more content…
(2017). Why Do Businesses Use Petty Cash Funds? | How to Use. Retrieved from https://www.patriotsoftware.com/accounting/training/blog/petty-cash-want-use/
Amednews.com. (2013, January 14). How medical practices can handle cash securely - amednews.com. Retrieved from http://www.amednews.com/article/20130114/business/130119983/5/
Georgia Institute of Technology. (2015). Retrieved from
Research a common amount of money kept for petty cash funds in in a small medical office with 40 employees.
In a small business it would be appropriate, depending on the needs of the practice to keep at least $100.00 to $200.00 in small bills and coins, separate from cash drawers and only have one staff member be responsible for keeping it in order with a log sheet of the purchases, how much it was, the date, and name of the person who made the purchase, along with a receipt of the purchase, and I would also get them to sign and date the logbook. This person that is in charge of the petty cash and the office manager, should log and calculate the money and receipts and the beginning of their shift and at the end of the day, and sign off and date it. At the end of the week the staff member that is in charge of the petty cash will take all of the receipts to the accounts manager, so that it can be used for businesses taxes.
Write a policy for use of petty cash in this office. Include items you think might be paid from a petty cash fund.
Petty cash policy for Baker Clinic:
This policy establishes the proper use of the office petty cash funds, which provides …show more content…
(2017). Why Do Businesses Use Petty Cash Funds? | How to Use. Retrieved from https://www.patriotsoftware.com/accounting/training/blog/petty-cash-want-use/
Amednews.com. (2013, January 14). How medical practices can handle cash securely - amednews.com. Retrieved from http://www.amednews.com/article/20130114/business/130119983/5/
Georgia Institute of Technology. (2015). Retrieved from