Efficient Petty Cash Log to Track Total and Float Expenses

Keeping track of petty cash can be a hassle, but with the right tools, it doesn't have to be. One of the most useful tools for managing petty cash is a petty cash log. At BizzLibrary.com, we offer a free, downloadable petty cash log in PDF format to help you keep track of your cash flow.

What is Petty Cash?

Petty cash, also known as a petty cash fund, is a small amount of cash kept on hand for minor expenses. This can include small purchases that don't require a check or credit card, such as office supplies, snacks, or employee reimbursements. Petty cash is usually kept in a secure location under the control of a designated employee known as the petty cash custodian.

Why Use a Petty Cash Log?

A petty cash log is a record-keeping tool used to track all petty cash transactions. It helps to monitor and control the flow of cash, ensuring that every transaction is accounted for and that the petty cash fund remains balanced. A few key reasons why you should use a petty cash log:

1. Track Cash Flow: A petty cash log allows you to see how much cash is available in the fund at any given time, as well as how much has been spent and on what. This helps you to manage your cash flow and identify any discrepancies or potential issues.
2. Prevent Misuse of Funds: By keeping a record of all petty cash transactions, you can ensure that the funds are being used for their intended purpose and that there's no misuse of funds or fraudulent activity taking place.
3. Simplify Reconciliations: With a petty cash log, reconciling the petty cash fund is quick and easy. You can compare the log to the actual amount of cash on hand and quickly identify any differences that need to be addressed.

How to Use Our Petty Cash Log

Our petty cash log template is designed to be easy to use and customize to suit your needs. It includes fields for recording the date, transaction details, amount, and the balance of the petty cash fund. Here's how to use it:

1. Print the Template: Download the PDF file and print as many copies of the petty cash log as you need.
2. Name the Custodian: Enter the name of the person responsible for managing the petty cash fund at the top of the log.
3. Record Transactions: Fill in the date, transaction details, and amount for each petty cash transaction in the appropriate columns.
4. Calculate the Balance: At the end of each row, subtract the transaction amount from the previous balance to get the updated petty cash fund balance.
5. Track the Float: Record the amount of cash initially placed in the petty cash fund as the float, which is the starting balance. Keep track of the total of all transactions throughout a specified time and make sure the float is maintained through additions from time to time.

Download Our Free Petty Cash Log Template

Get started on managing your petty cash effectively with our free petty cash log template. Visit BizzLibrary.com today to access a wide range of business document templates, including cash receipts, sales invoices, and more.