Petty cash is cash that is used to
pay routine expenses and in a small amount for operating activity in a company.
When the petty cash in minimum level, petty cash needs a refill. Petty cash has
two recording methods, they are Imprest Fund System and Fluctuation Fund
System.
Imprest Fund System is method for
recording refill of petty cash that is used when petty cash in company is
constant. If a company uses imprest fund system, there’s no journal when
company refill the petty cash.
Meanwhile, Fluctuation Fund Sysytem is
method for recording refill of petty cash that is used when petty cash in
company isn’t constant, but accordance with the expense. If a company uses imprest
fund system, there’s a journal when company refill the petty cash.
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