One of the most common mistakes made by small businesses is getting the method wrong for replenishing a petty cash account. It is often caused by misunderstanding the basics behind the transaction.

Generally accepted accounting principles include three sets of rules that apply to and cover most every accounting transaction. Petty cash reconciliations, which occur monthly or before replenishing a ...

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It is sometimes necessary for a department to have on hand cash from which to pay minor emergency payments or make change. The Executive Director of Accounting provides for this by use of an imprest ...