What is petty cash?
submitted by Waqar

Pete

Petty cash is literally cash that a business keeps around for small expenditures. It's also called, "cash on hand," which is a little more descriptive.

If a business takes cash payments they need to have cash on hand to make change. Another example could be a parking lot fee. If you go to an important meeting with a client and you have to pay for parking, it makes sense to pay that out of cash. When you get back to the office you fill out a petty cash slip so you can be reimbursed.

Jong

It is a small-type of expenses in the area/field where the Affiliates/Subsidiaries have to expend a penny in order not to hamper the Operations.- is a small business transactions or economic activities of the branch's operations, seeking for an immediate purchased usually of little value for optimum utilization and continued Operations.- Usually, the establishment that infuses a capital (i.e. more than one billion pesos), they should established a fund, called Petty Cash Fund - Area for Php 100,000.00, subject for replenishment.- Petty cash expenses are performed by the auditee (preparer) subject for final liquidation. Meaning, all purchases subject for refund should be supported with the appropriate invoices and in accordance with the Company policies