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Petty cash
Hello , its roopa here . i wanted to know whether its required to maintain all cash vouchers for day to day expenses made in business in had copy ? or is it fine if we just prepare petty cash account in excel sheet without maintaining such cash voucher book ?Will the auditor ask for such had copy for audit purpose ?Please help me
thanks in Advance
Replies (4)
yes audit involves vouching of even petty cash expenses. hence it's better to maintain the support in physical documents along with excel
Thanks for the quick reply . But is it mandatory to maintain the same as per law ?
client is not interested to manintain hard copies . He prefers all soft copies and even auditor prefers soft copies .
How do i maintain the same ?
please reply
Its always preferable to keep all your documents in hard copy ...whether you keep it in soft copies too is additional benefit for you....System crashes and data losses are not a new thing for the accounting department...Good Luck Roopa!!
To be frank yes its mandatory as per law....
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