Best Practices for Petty Cash

Today, technology such as T&E and procurement-cards eliminate much of the need for a petty cash box. Nevertheless, many companies retain a petty cash stash. Companies that do may give that responsibility to the accounts payable (AP) department. An AP manager may want to aggressively discourage its use, but if your department is assigned the job, here are proven practices to guide you. Getting Started When setting up a petty cash box to begin with, issue and cash a check made out to petty cash…