Help! What do i do?
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Hi<BR>I am still doin additional questions here, i have some on petty cash systems. But i have to say i really do not know what i would do if this situation!<BR>Payements from the petty cash book (as per recorded vouchers) is different total to the cash in petty cash box.<BR>What do i do about this?<BR>Which figures do i record?<BR>Whats the most likely explanation for this happening and why?<BR>My heads done in now!<BR>Can anyone one help?<BR>Thanks<BR>heather
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Help! What do i do?
<BR>I guess in your imaginary situation you would assume that either<BR><BR>a) some fool has not put a voucher in the tin in which case the difference would have to go to sundry because you couldn't track it down<BR><BR>b) there is a thief! And so the tin should be locked away!0 -
Help! What do i do?
Hi<BR><BR>You could also check that a voucher hasn't been entered twice, and you would have to use the amount as per the petty cash tin as being the correct amount as it is physical cash counted so cannot be incorrect.<BR><BR>Tracy<BR><BR>0 -
Help! What do i do?
Hi<BR>Thanks lilibet (thanks u made me :-) ) and columbia, i am starting to see the direction i should be heading here!<BR>But my choices are : overpayment, underpayment, undercast of voucher and overcast of voucher - as far as i can see it could b any one of all 4 of these!<BR>thanks<BR>heather0 -
Help! What do i do?
Hi<BR><BR>Sorry to state the obvious, but I'm supposing they never actually gave you the totals did they, what paper is this from? I'll have a look through my mountains of work to see if I can find it, and get back to you (probably tomorrow now).<BR><BR>All the best<BR><BR>Tracy0 -
Help! What do i do?
Hi<BR>This is for additional questions that go in portfolio because simultaion does not cover it.<BR>The figures are given, but i didnt think it made much difference! ok heres the question:-<BR>Payments from petty cash (per recorded vouchers) £95.75<BR>Cash in petty cash box £3.00<BR>(a) What is the balance on the petty cash book at the end of that week?<BR>(b)What is the amount of the discrepency between cash in hand and the petty cash book?<BR>(c)Which of the following items, individually, explain this discrepency?<BR>* miscounting cash in respect of vouchers - overpayment of £1.25<BR>*error in recording amount of voucher - undercast of voucher by £1.25<BR>*miscounting cash in respect of vouchers - underpayment of £1,25<BR>*error in recording amount of vouvher - over cast of voucher by £1.25<BR>Excuse me if i seem a bit thick with this question, - payroll is my forte, not accounts!<BR>thanks <BR>heather<BR>0 -
Help! What do i do?
Hi Heather<BR><BR>At the end of the week if your petty cash system is £100 you would have had £4.25 remaining, however as there has been an error you have only £3 left in your tin, so the error is £1.25 which has been taken out or incorrectly accounted for in your paperwork.<BR><BR>The first error you mention would fit as if you paid someone too much money your tin would be short, so your vouchers were for £95.75, but in total you gave out cash to the value of £97 by mistake leaving your tin with only £3 remaining, and causing an error of £1.25.<BR><BR>Also, if you undercast a voucher you would also be short by £1.25, as you have entered vouchers as £95.75 when it should be for £97 your tin balances to the £3 remaining, but your calculations on your paperwork show you should have £95.75 vouchers.<BR><BR>Hope this makes sense (and is correct!)<BR><BR>Tracy0 -
Help! What do i do?
Hi<BR>Thanks alot.<BR>I did finally give in and pester tutor bout it but all he did was give me the answer and no explanation.<BR>Y ou r right and yes it helps me to undertsand it a bit more.<BR>thanks<BR>heather0