Petty Cash Log: Keeping Track Of Small Expenses

40 Petty Cash Log Templates & Forms [Excel, PDF, Word] ᐅ TemplateLab from templatelab.com

What is a Petty Cash Log?

A petty cash log is a record of small expenses that a business or organization incurs on a daily basis. These expenses are too small to be recorded in a regular accounting system and are usually paid for with cash. Examples of petty cash expenses include office supplies, postage, and minor repairs.

Why is a Petty Cash Log Important?

Keeping a petty cash log is important because it helps you keep track of your small expenses and make sure that they are properly recorded. Without a log, it can be easy to lose track of small expenses and end up overspending. A petty cash log also helps you identify any patterns in your spending and make adjustments as needed.

How to Create a Petty Cash Log

Creating a petty cash log is easy. Simply create a spreadsheet or a piece of paper with columns for the date, description of the expense, amount, and category (if applicable). Make sure to keep all receipts and attach them to the log for reference.

Sample Petty Cash Logs

Here are three sample petty cash logs that you can use as a template for your own log: 1. Date: 1/1/23 Description: Postage stamps Amount: $10 Category: Office Supplies 2. Date: 1/2/23 Description: Lunch for team meeting Amount: $30 Category: Meals and Entertainment 3. Date: 1/5/23 Description: Light bulb replacement Amount: $5 Category: Maintenance and Repairs

FAQs

1. What is the purpose of a petty cash log? A petty cash log is used to keep track of small expenses that are paid for with cash. 2. How often should I update my petty cash log? You should update your petty cash log every time you make a small expense. 3. What categories should I use in my petty cash log? Categories will vary depending on your business or organization, but common categories include office supplies, meals and entertainment, and maintenance and repairs. 4. Can I use a petty cash log for personal expenses? Yes, you can use a petty cash log to keep track of personal expenses as well. 5. Do I need to keep receipts for my petty cash expenses? Yes, it is important to keep all receipts and attach them to your petty cash log for reference.