Petty Cash, Wages and Employers

Petty Cash Book – Steps in operating one
Petty cash is a small amount of cash kept on hand to make day-to-day purchases for items that are too small to pay for by check or if you don’t have access to eftpos. Examples are expenses such as milk, coffee and tea, stationery, postage and taxi fares.

 A petty cash book allows you to:
  • keep track of small expenses so they don’t get forgotten about as tax deductions.
  • keep the check account free of lots of small transactions.
  • avoid paying for smaller items from personal funds.
  • make purchases that are too small to be paid by check.

When setting up a petty cash book you’ll need:
  • a petty cash tin or purse to keep money in.
  • a petty cash book to record expenses.

To start u...

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