Petty cash log template

When receipts go missing, document the expense with a signed note explaining the purchase details, amount, and reason for the missing receipt. Have a manager approve this exception. Implement a policy requiring immediate documentation of expenses to minimize missing receipts. Consider using a digital photo of receipts as backup.

Calculate your closing balance by taking the opening balance, subtracting the total expenses recorded, and adding any replenishments. This formula (Opening Balance – Total Expenses + Replenishments = Closing Balance) should match the physical cash remaining. Any discrepancy indicates recording errors or unaccounted transactions that need investigation.

Assign petty cash management to a trusted employee with basic accounting knowledge who regularly works in your office. This petty cash custodian handles disbursements, collects receipts, updates the log, and requests replenishments. Limiting access to one responsible person creates accountability and reduces the risk of errors or misuse.

Prevent errors by establishing clear procedures: record transactions immediately, require receipts for all disbursements, use consistent documentation, and implement dual control for fund replenishments. Regular reconciliation by someone other than the custodian adds another verification layer. Consider using a digital template that automatically calculates running balances.