Medical Practice Management
Oct 13

Document petty-cash expenditures

For smaller expenses, such as lunch for the office, miscellaneous supplies, and unexpected minor expenditures, many offices maintain a petty-cash drawer or box. This system can work very well if it is not abused, you keep careful records, and only one person has control of the funds.

As available petty-cash funds are depleted, request a new check to replenish the funds. Include receipts and a summary sheet that reflects the detail of each expense and adds up the amount requested. Doing so allows funds to be available consistently, and the documentation provides a good backup for monies spent.

About Reed Tinsley, CPA

As a top advisor to physicians, I help increase practice profits by delivering hands-on, expert medical accounting/tax support, practice counsel, and revenue-building strategies. Read more →