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Petty cash refers to a small amount of discretionary cash that a company keeps on hand for small, incidental expenses that don’t warrant writing a check or using a company credit card. It's typically used for small office expenses like office supplies, staff lunches, or postage.
A petty cash fund is a locked drawer or box where the petty cash is kept, typically managed by a designated petty cash custodian. When someone uses money from the fund, they usually provide a receipt for the expense, and the custodian replenishes the fund periodically. Despite its small size, it's important to track petty cash carefully to prevent misuse and ensure proper accounting.
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