Are you looking for a system to manage small transections and daily money spent on office expenses? Then you will be delighted to know that there is a template called petty cash log template that comes very handy in this regard.
Every business setup has a small transection to make every day. These transactions could be for refreshments, office items, or any small needs. There is a need for a proper system to manage and handle these small transactions. A pretty cash log template in excel format is a fit and reliable tool for the job.
Petty Cash Log
The petty cash is often locked out in a cabinet or in a small, sealed envelope within the premises of your organization. So, a well-designed petty cash log should also be in place to keep up with the spending of this cash. The log helps in maintaining a paper-based or electronic record of money in and out.
The petty cash log is often associated with the cash to update it with the latest transaction or money withdrawal when needed.
Format of Petty Cash Log Template
A pretty cash log template ensures there is no misuse of abuse f petty cash. The petty cash log template in excel is an essential and beneficial tool to keep a track of how much money is being spent every day.
In a petty cash log template, you must make sure the following components are included:
- Project name
- Important Dates
- Total money
- Receipt number and description
- Amount deposited and windrowed
- Approved by
- Received by
- Mention deposits
Key Features of Petty Cash log
It is crucial to establish a petty cash monitoring system. It does not matter if the transaction is small or big, as small transactions can pile up and results in becoming big ones. So, you cannot leave small transactions unnoticed.
Following are some of the most important features of petty cash log:
- By using patty cash, you can ensure the proper flow of money in your business.
- It is a sorted log of money date vise which helps in expense management and refrain from going overboard.
- You can assess and compare the transactions of different months to see how much money is spent in a specific month.
- You can also limit your expenditure of petty money by using a well-maintained petty log template.
- It will shed some weight off the shoulder of your accounts team as they do not need to take account of each minor transaction one by one. This can be hectic and could be quite time-consuming.
- By using a log, you can make small transactions right away without needing to fill out checks.
- It is a handy way to manage and control your daily expenses. These expenses include the expenses of a daily newspaper, food, office maintenance, and other supplies.
How to Create a Petty Cash Log Template?
To make the petty cash log work you must establish a system to maintain the proper flow of money Money is something that is like a stream of water that can flow in any way, so there is a dare need of managing your daily business expenditure.
- First, there is a need to have a considerable amount of balance in your petty cash
- Once a reasonable amount of money is maintained you must highlight where the money is going to be spent. You must keep the daily expenses in consideration to maintain the balance in the log.
- Then you just need to make sure that the money spent should be strictly recorded without any delay.
- For better performance and effective expense management, you can assign an honest and reliable person to your team to keep an eye on petty cash. So, in other words, make someone in charge of your petty funds and transactions
- After that, you must have a proper system in place for your petty money to be in a secure place. You should never leave your petty money unattended and unsupervised.
- Lastly, you must keep an idea of how much money is left in petty cash funds and should top up regularly when needed.
- You can also introduce limitations for daily cash usage. This will allow you to manage your petty cash money without overspending your money.
Hence, the Petty log template is an essential tool for logging and recording information on small business transactions. It should be monitored and updated regularly to ensure its efficiency. This template is chiefly an important and must-have tool to track daily expenditure in larger business settings.