Tracking Petty Cash

If you use petty cash, remember to treat it like a bank account. Recording petty cash transactions can be tricky since there is no digital trail like a credit card or bank account.

Create an accounting procedure for your staff that includes an expense report submitted monthly with the receipts. This can be a physical or a digital copy. There are many expense templates in excel that you can use and easily customize.

Create a petty cash account in your accounting software like QuickBooks, and record all purchases. As with any bank account, be sure to reconcile the account monthly.