Document petty-cash expenditures

Written by Reed Tinsley | October 13, 2007

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 the Author

Reed Tinsley CPA

This article is written by Reed Tinsley, a Houston, TX-based CPA with over 30 years of experience advising physicians and medical practices across Texas and the United States. Reed holds certifications as a Certified Valuation Analyst (CVA), Certified Healthcare Business Consultant (CHBC), and Certified Financial Planner (CFP), specializing exclusively in the healthcare sector. He is a published author, nationally recognized speaker, and trusted advisor to physicians on accounting & tax, practice management, and financial planning. Schedule a Free Consultation.

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