Accounting for Petty Cash
13 September 2012
At the Foundation level, trainee Accounting Technicians need to be competent in the maintenance and control of a petty cash system.
In preparation for assessment at Foundation level, trainees must:
• understand the purpose of petty cash
• outline the imprest system
• identify ways in which control over petty cash can be maintained (security of cash, authorised persons, reconciliations).
Petty cash provides a particular challenge. By its nature it involves dealing with items from an array of suppliers...