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A petty cash book is a record of small-value purchases before they are later transferred to the ledger and final accounts; it is maintained by a petty or junior cashier. This type of cash book usually uses the imprest system: a certain amount of money is provided to the petty cashier by the senior cashier. This money is to cater for minor ...
For instance, if the starting balance of the petty cash fund is $100, and $90 is spent during the month, the fund is replenished by crediting $90 to the primary cash account, typically a bank account, and debiting the respective expense accounts based on the petty cash receipt dockets. The journal entry for replenishment typically includes ...
Every entry to an account requires a corresponding and opposite entry to a different account. The double-entry system has two equal and corresponding sides, known as debit and credit; this is based on the fundamental accounting principle that for every debit, there must be an equal and opposite credit. A transaction in double-entry bookkeeping ...
Quickbooks is an example of accounting software. ... Do a cash flow analysis. Begin by doing a cash flow analysis to review what your business is earning and spending money on. Identify potential ...
Petty cash is a small amount of discretionary funds in the form of cash used for minor expenditures. [ 1 ] The most common way of accounting for petty cash expenditures is to use the imprest system .
QuickBooks is an accounting software package developed and marketed by Intuit. First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
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