The petty cash worksheet
24th of july 2015
Friday,the day I go to the bank to deposit my cheque into my savings account….yaaay; but I was feeling a little ill. This was because the a/c was too much for me in the office and because i am asthmatic, that really is not the best for my health. I typed the deal tickets as at the previous day and when it was break time, i went over to the bank. On getting to the bank,it was very cold there. The a/c was on supersonic. It was too cold for me to bear,I felt like yelling at them to turn it down. Anywaiz, I gave the cheque to the cashier and a deposit slip to transfer it into my account,and that was all. Then I left for the office.
Before going,my colleague told me she would send the petty cash worksheets and I would input the details from the petty cash voucher into it. So there I was waiting,tired and it was clearly evident that I was not feeling too well. At some point I got tired and after about 2 hrs i went to her desk and asked “where is the thing you want to send?”, then she said that she had forgotten. I was so pissed,she later sent it to me and I filled them using an excel worksheet.
It was not difficult,there is a preset format for it, I just had to key in the figures. The petty cash worksheet is divided into four basic cells,which is the Pcv no (meaning petty cash voucher no) entries in the petty cash worksheet should tally with the petty cash voucher for control purposes. The next one is the date. The date when the transaction occurred is inputted in the worksheet. It should tally with the petty cash voucher also.
The next one after this is the space for details. The details of the transaction is entered in a journal format “being payment for”; for example when money is paid for transportation to dispatch mails to the clerk of the office, we say “being payment for transportation to dispatch mails”. Then to complete the entry you put in the amount. It was fun putting in the values into the petty cash worksheet. As a naturally fast typist, i was able to finish it with ample amount of time left. P.s don’t forget to periodically save it even when you are not through with it. This is because i have experienced situations whereby the system would automatically shut down when there is no power and the Ups is not charged up; you then lose all the progress you have made and have to start from the scratch. This is very painful and has happened to me once; but once beaten, twice shy..lol..
The petty cash worksheet is very useful for the reconciliation of the petty cash fund. About 150 thousand Naira is given as petty cash monthly and you have to submit a report on the disbursement of the cash along with some physical proof of request for the cash and also the actual usage of the cash. This is in form of the cash claim (Document filled by employees wanting to collect cash for the operation of the business) and cash retirement (This is a document that shows how the cash was spent with proofs in the form of invoices and receipts) respectively.
At the end of the month, the financial control unit uses the petty cash worksheet for reconciliations to check how much should remain from the original 150 thousand naira given.
Joel Lerner., James Cashin., Schaum’s Outline of Principles of Accounting I