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Petty cash-AP [message #212623] Sat, 06 January 2007 12:02 Go to next message
venkatesan_vs
Messages: 29
Registered: December 2006
Location: CHENNAI
Junior Member

Hi ALL

can anyone help me in knowing how to do setup for petty cash
in AP , and explain me how its work.

thanks

venkatesan
Re: Petty cash-AP [message #212961 is a reply to message #212623] Mon, 08 January 2007 23:07 Go to previous messageGo to next message
RAJESH.GANESUNI
Messages: 19
Registered: December 2006
Location: HYDERABAD
Junior Member

Hi,

Process to deal with petty cash.

1.Define Petty cash supplier(/responsible employee as a supplier).
2.Enter an Prepayment Invoice while giving money to him initially.
3.Book standard Invoice for Expenses.
4.reimburse the expenditure by making payment against the invoice.
5.Original prepayment will be squred off only in the event of Petty cash is closed with such employee/petty cash supplier.

Accounting Entries :-

Prepayment invoice on making the imprest to the employee:
Dr. Prepayment A/c (Emp.Petty Cash) 15,000
Cr. Cash Clearing A/c 15,000

On Booking of Expense as a Standard Invoice on the basis of Expense report submitted by the Employee
Dr. Respective Expense A/c 9,000
Cr. S. Creditors (Emp.-Petty Cash) 9,000

Reimburse the Expense back to the Employee
Dr. S.Creditors A/c (Emp.-PC) 9,000
Cr. Cash Clearing A/c 9,000

Re: Petty cash-AP [message #213770 is a reply to message #212961] Fri, 12 January 2007 04:29 Go to previous messageGo to next message
venkatesan_vs
Messages: 29
Registered: December 2006
Location: CHENNAI
Junior Member

Hi

thank you.

venkatesan
Re: Petty cash-AP [message #214570 is a reply to message #212623] Wed, 17 January 2007 02:45 Go to previous messageGo to next message
venkatesan_vs
Messages: 29
Registered: December 2006
Location: CHENNAI
Junior Member

Hi

can you please explain me how to handle cash receipt for petty cash.



thanks

venkatesan
Re: Petty cash-AP [message #220182 is a reply to message #214570] Mon, 19 February 2007 06:18 Go to previous message
kumar_apps
Messages: 51
Registered: November 2006
Location: hyderabad
Member
Hi,

Thank u

kumar
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