Free Customizable Petty Cash Reconciliation Form
A petty cash reconciliation can be a formal evaluation of petty cash data. The intent of this activity is always to find out if there have already been any undocumented disbursements. Such disbursements undoubtedly are a frequent trouble in petty dollars, the place there is a substantial chance of fraud. Also, given that most petty dollars custodians will not be trained as accountants, they could improperly document disbursements. For these good reasons, a petty money reconciliation really should be executed at standard intervals. The evaluation could be addressed being an audit, which means not warning the petty money custodian with the arrival of the reviewer. This not enough warning is beneficial for detecting any own withdrawals in the petty money fund via the custodian.
It is actually useful to charge unexplained variances to an expense account set aside for that intent. By doing so, it’s a great deal simpler to track the cumulative amount of undocumented losses more than time. Also, take into account acquiring a plan that needs the inner audit team for being notified in the event the level of an unexplained scarcity inside a petty money fund exceeds a specific amount.
At last, flag petty hard cash cash for more recurrent reconciliations for those who detect an ongoing pattern of mistakes. Enhanced critique frequency can uncover troubles ahead of content losses accumulate.
Petty Cash Reconciliation Form | Excel – download