FA1: RECORDING FINANCIAL TRANSACTIONS

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OPERATION OF PETTY CASH

1.1 HOW PETTY CASH WORKS

The petty cash system of a business usually operates as follows:

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Step 1

An employee pays personally for a business expense, such as refreshments the office or a train fare to attend a meeting, and obtains a receipt for the payment.

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Step 2

The employee then reclaims the expense from the business through the petty cash system, by completing and signing a petty cash voucher and handing over the receipt for the money spent.

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Step 3

The expense is then recorded as a business expense in the general ledger. This process is explained later.