| A | B |
|---|
| Petty Cash | A small fund of cash used to pay for minor approved business expenses. |
| Minor Expense | A small business expense that may not require a cheque or formal payment process. |
| Approved Business Expense | An expense allowed by office policy for business purposes. |
| Personal Purchase | A non-business purchase that should never be paid from petty cash. |
| Petty Cash Custodian | The person responsible for managing, safeguarding, balancing, and documenting petty cash. |
| Safeguarding Petty Cash | Keeping petty cash secure and protected from loss, theft, or misuse. |
| Recording Petty Cash Transactions | Documenting each petty cash use accurately and immediately. |
| Balancing the Fund | Checking that cash, receipts, and vouchers equal the expected petty cash amount. |
| Establishing a Petty Cash Fund | Creating the petty cash fund by deciding the amount, obtaining cash, securing it, assigning a custodian, and creating procedures. |
| Fund Amount | The approved fixed amount kept in the petty cash fund. |
| Locked Location | A secure place used to store petty cash, such as a locked drawer or cabinet. |
| Tracking Procedure | A process used to document petty cash transactions consistently. |
| Documentation Procedure | A process that identifies what written records are required for petty cash use. |
| Consistency | Following the same petty cash procedures each time. |
| Accountability | Responsibility for properly using, recording, and protecting petty cash. |
| Petty Cash Voucher | A form used to record money taken from the petty cash fund. |
| Reason for Purchase | The explanation for why petty cash was used. |
| Immediate Recording | Recording petty cash transactions right away to prevent missing details or incorrect balances. |
| Returned Change | Unused money returned to the petty cash fund after a purchase. |
| Incomplete Voucher | A voucher missing required information, making the transaction difficult to verify or approve. |
| Reconciliation | Checking that the petty cash fund is accurate by comparing cash, receipts, and vouchers to the expected fund amount. |
| Original Fund Amount | The approved amount the petty cash fund should equal when fully balanced. |
| Shortage | A difference where money is missing from the petty cash fund. |
| Overage | A difference where there is extra money in the petty cash fund. |
| Math Error | An arithmetic mistake that can cause petty cash discrepancies. |
| Missing Receipt | A receipt that has not been provided or filed for a petty cash transaction. |
| Incorrect Change | A mistake in the amount of money returned to petty cash after a purchase. |
| Delayed Recording | Recording a transaction later instead of immediately, which can cause errors or missing details. |
| Unauthorized Purchase | A purchase made without proper approval or outside office policy. |
| Theft or Misuse of Funds | Improper taking or use of petty cash. |
| Replenishing Petty Cash | Replacing the money spent so the petty cash fund returns to its original approved amount. |
| Reimbursement Amount | The amount needed to restore the petty cash fund to its original balance. |
| Replacement Cash | Cash or funds provided to restore the petty cash fund after reconciliation. |
| Suspicious Activity | Activity that may suggest missing money, repeated discrepancies, or misuse of petty cash. |
