What is petty cash? The accessible money that is used by an organization for making payments of small and usual purchases, reimbursements, and expenditures is known as petty cash. The petty cash is generally stored by a specific department of the company. The company also chooses a custodian who is responsible for taking care of petty cash. The job of the custodian is to keep the petty cash more organized so that it can be availed whenever it is needed. When an employee makes a request to use the petty cash, the organization issues it for a particular purpose. Petty…
