PETTYCASH Meaning and
Definition
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Petty cash refers to a small amount of money that is set aside by an organization or business for making incidental purchases or covering minor expenses. It is typically managed separately from the main cash fund or bank account and is used to handle day-to-day expenditures that do not warrant writing a check or going through the formal process of expense reimbursement.
The purpose of petty cash is to facilitate the quick and convenient disbursement of funds for minor expenses such as purchasing office supplies, reimbursing employees for small business-related purchases, or making on-the-spot cash payments for small services or emergency needs.
Petty cash is usually kept in a physical cash box or drawer, securely locked to prevent unauthorized access. To prevent misuse, only designated personnel or a specifically assigned petty cash custodian are allowed to handle and disburse the funds. The custodian keeps a detailed record of all transactions and receipts.
Typically, the amount of money in the petty cash fund is predetermined and regularly replenished by the organization's finance department after proper documentation and accounting of expenses incurred. The replenishment is done by reimbursing the custodian with the exact amount spent and deducting it from the finance department's petty cash account.
Overall, petty cash provides a convenient and efficient way to handle small, routine expenses while maintaining financial accountability and control within an organization.
Common Misspellings for PETTYCASH
- oettycash
- lettycash
- -ettycash
- 0ettycash
- pwttycash
- psttycash
- pdttycash
- prttycash
- p4ttycash
- p3ttycash
- pertycash
- peftycash
- pegtycash
- peytycash
- pe6tycash
- pe5tycash
- petrycash
- petfycash
- petgycash
- petyycash
Etymology of PETTYCASH
The word "pettycash" is a compound word composed of two separate terms: "petty" and "cash".
"Petty" originates from the Middle English word "peti", meaning "small" or "trivial". It can be traced back to the Old French word "petit", which has the same meaning. Over time, it entered the English language and became associated with something of little importance or significance.
"Cash" comes from the Middle French word "caisse", which means "money box" or "chest". It was influenced by the Latin word "capsa" meaning "box" or "case" and entered English to describe money in the form of coins or banknotes.
When these two terms are combined, "pettycash" refers to small amounts of money kept for minor expenses or immediate needs within a business or organization.
