Petty cash

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.

Comments

  • NorvydasNorvydas DevonMAAT Posts: 161
    edited January 28
    @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
    Kind Regards,

    Norvydas Valavicius.
  • micron12micron12 Registered Posts: 3
    Thank you very much :)
  • micron12micron12 Registered Posts: 3
    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 )
Sign In or Register to comment.