Petty cash

micron12

Hi,

A doubt with Petty cash

imprest amount £300

cash in tin £11.42

Amount to top up £288.58

Total receipts £289.85

Balance £1.27

How to get a balance Zero here? they are unable to find the receipts for £1.27 and its been going on for 3 weeks now.
My manager is asking to Write off the amount. What does it mean and can anybody explain me, please .?
I am new to this job.

Norvydas

@micron12

In a practise where I work if it's such a small amount then we always write it off (usually up to £20 depending on size of the business) as it will cost more money for our client for us to go over and search for such small amount..

I usually do;

Dr £1.27 your chosen expense i.e. travelling expenses
Cr Petty cash £1.27

micron12

Thank you very much

micron12

one quick question - then their PC amount i should provide would be £288 + £1.27( after we write it off )
Is that right ? so their imprest amount will be back to £300 again ( £289.85+11.42 )