Dashboard Courses Money Module 2 Getting Organised

Lesson 2 Petty cash management

Lesson 2 Petty cash management

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2 Responses

  1. Are the cash cheques go under Owners drawings ? Or can I just withdraw the cash out?

    I do have a petty cash I hardly use as I use my business card instead for small purchases, ar3 petty cash a dying system now days ?

    1. Good question. Whether you’re drawing the cash out or if you are cashing cheques, either way if they are for owners drawings then they go under owners drawings.

      Petty cash systems are certainly not dying out. But where possible I would use a card as it’s quicker and simpler to keep track of expenses but that’s the important part ‘that you are keeping track of the petty cash expenses’. Petty cash systems are a relevant part of your business because in some cases the business you are buying from may have a minimum amount for a card transaction… For example if you were just buying a litre of milk it may be under the minimum amount on a card so you’d have to use cash.

      If you are in doubt about where you should allocate your drawings or cashed cheques then check with your accountant as to what they need you to do as they are the ones doing your tax return. The most important thing is that you are ‘consistent’ and do it the same way every time.

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