Here are a few simple ideas on how to handle petty cash in your medical office:
- Have a set amount on hand…say $100 or $200.
- When petty cash is spent, get a receipt and have it signed by the person authorizing the expense.
- Put the receipts in the drawer. The total of cash and signed receipts should always equal $100, $200 or whatever the set amount is.
- When cash drops below a certain threshold, write a check for cash to replenish based on the signed receipts in the drawer, accounting for those expenses accordingly.
- Balance petty cash at least monthly….more often if it is used frequently.