Petty cash entry doubt
MPR Sanjay Kumar (3106 Points)
22 February 2023Normally I have RS 1,000
I spent for some expenses RS 500
so how to pass the journal entry and how to close this account journal entry??
MPR Sanjay Kumar (3106 Points)
22 February 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14606 Points)
Replied 22 February 2023
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 23 February 2023
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 23 February 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14606 Points)
Replied 23 February 2023
But the query is reading Petty Cash A/c , therefore Expense should be paid through petty Cash only , and normally day today very small expenses are paid through petty Cash only ,
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 23 February 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14606 Points)
Replied 23 February 2023
prasad Nilugal
( GST Practitioner & Accounts )
(14606 Points)
Replied 26 February 2023
we Can not pay Rs 5/- , Rs20 , Rs 70, Rs 130/- or any other small expenses through Cheque , RTGS , NEFT , etc. therefore , same are paid through petty Cash only .
Yasaswi Gomes new
(Finance )
(4503 Points)
Replied 01 March 2023
After Paytm or Google pay, I think no need for imprest accounting. It's almost like cash in hand. But it has its advantages cause it can account for even 1/-
Eswar Reddy S
(CFO- at NHTF)
(58263 Points)
Replied 03 March 2023
Yasaswi Gomes new
(Finance )
(4503 Points)
Replied 05 August 2023
Actually, accounting wise couple of methods available. Pragmatic tally approaches is, I have adopted a method where the person who withdraws cash is linked to banks account if they purchase things online instead of putting them under sundry debtors or creditors. Cash is different and they have to name them under sundries because petty cash is not available in many erp
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