Concise Accountancy - London Accountants
Customer Login | Search This Site:   Go  

What we do Register a company Company accounts Abbreviated accounts Types of business taxes Paying staff and PAYE Apply VAT numbers Check VAT numbers Fixed fee accounts Services About us Careers
General Business Quiz
1. What is the purpose of a National Insurance number?
 
To allow companies to check your credit history
To prove that you have British nationality
To prove that you have adequate home insurance
To track National Insurance contributions
Submit
 
Latest UK Business News : Manufacturing activity slows to 17-month low      Network Rail told to cut costs by 20%      Cyber security hub makes training move      Tories? pro-business reputation ?at risk?      Stamp duty revenues rise by one-third      

Petty Cash

 

It is undoubtedly every business has to have petty cash in hands for day-to-day small expenses such as stationery, cleaning stuff, materials, taxi fares reimbursement and so on.

It is essential to maintain a petty cash account to keep track of the cash withdrawn for small expenses and regular reconciliation of the cash to cash receipts and expenses must be carried out ensure records are tied up.

You can deal with petty cash items in a number of ways. You could write a voucher or piece of paper each time you use petty cash and keep the voucher in the petty cash box. If you get a receipt for money you spend, staple this to the back of the voucher. Once a month, you could sum these up and put them in your purchases record.

Another approach is to write down the petty cash expenses as they occur in a book. You may be able to obtain notebook for petty cash accounting from a stationery shop. The petty cash book comes with a standard accounting layout and all you need to do is to fill in the columns.
A further alternative is to keep a sheet of paper in your office and write down the amounts spent at the end of each day and again stapling any receipts to it.

Whichever way you record petty cash expenses, you need to record the date the cash was spent, how much it was and what it was for.

If you are registered for VAT, when you make an entry for your petty cash payments in your accounting record, you will need to know which expense items include the standard rate of VAT and to work out the amount of VAT you will be claiming.

If you require help in maintaining your petty cash and your accounting books, our qualified accountants are more than happy to assist you. Feel free to contact us at info@conciseaccountancy.com.

Concise Accountancy – complete accounting solutions for business

 

 
Email This Page  Print This Page



Managing your company - your time is gold dust
When To File Annual Return Accounting In Business Add Value To Business Administer Ltd Company Changes Apply VAT numbers Balance Sheet Benefits of having accountants Bookkeeping software Business Fraud Prevention Business Plan For Bankers Business Services For Limited Companies Business Website Directories Buy from EU Cash Flow Within Your Business Cash from Customers Check VAT numbers Choosing an auditor Choosing bookkeeping software Company accounts filing deadlines Company Director’s Responsibilities Company registers Completing Annual Return Corporation Tax Corporation tax rates Customer Service - Telephone Techniques Data Protection Deducting PAYE Default fines Depreciation of business assets Finance Your Business Financing Your Business Handling Business Cash & Monies Hire New Staff HMRC Online Filing HMRC Telephone Helpline International Business Information Maintain your limited company Minimum Wage UK Minutes of meetings New Companies House Forms Non-deductible Business Expenses Non-deductible input tax Ownership Of Books And Records Paperless Office Partnership/LLP Tax Pay HMRC Pay limited company late filing penalty Paying staff and PAYE Payslip For Employees Penalty Interest Rates People You Do Business With Petty Cash Pre-Trading Expense Ready Made Companies Recording sales transactions Recovering Debts Recycling Register a company Register A Company Restoring Dissolved Company Shortage of cash crisis Signing UK Company Accounts – Who Can Sign? Single Alternative Inspection Location - SAIL Small And Medium Sized Company Thresholds Staff Disciplinary Procedures Staff Legal Entitlements Surplus/Idle Business Assets For Cash Tax Services The Law On Company Accounts The Permanent file Treat Your Staff Right Types of business taxes Types of limited company accounts Use Own Cash For Business Using Excel For Bookkeeping VAT Annual Accounting Scheme VAT Cash Accounting Scheme VAT Flat Rate Scheme VAT Rates VAT Records VAT Return Online Voluntary strike off company What Happens If My Dormant Company Starts Trading? What is a dormant company? What is annual return? Where Should I Send VAT Application To? Widely used accounting terms Work From Home Working Out Income Tax Annual Return Services Business VAT Registration Service Change Accounts Year End Company Name Change Company Tax Return Dissolve Company Dormant Accounts Package Express Company Name Change Update Director Details





 
 

Testimonials

I provide IT consultancy services to UK businesses and I have no knowledge whatsoever about doing accounting books. I was very keen to learn to do it myself. I spent hours reading bookkeeping reference books, learning double entry and I was very proud that I understand the basic accounting so I did my books.

When the time to do my company year end accounts, I discovered that I have been recording information incorrectly and that I have to reorganise everything. my former accountants charged me a fortune to fix my incorrect records.

My advice to all is that it is worth to talk to people who know about these things to avoid disappointment and unnecessary work in a year’s time.

Time is expensive and sometime it is worth spend a little for a big gain in your business.

Mr. Duncan, owner of an IT Consultancy business