Petty Cash Accounts - Overview
Petty Cash is a small amount of cash that businesses maintain on hand to cover minor, everyday expenses that arise in daily operations, such as office supplies, minor repairs, etc. This allows businesses to have quick and easy access to funds without the need for formal purchasing processes for small transactions.
To manage these funds effectively, businesses need to have an effective petty cash management to ensure that all the petty cash expenses and funds added to petty cash accounts are properly recorded and tracked.
The petty cash Accounts in Zoho ERP helps admins to add and manage the petty cash accounts in their organisation, while account owners can record expenses, submit reports, and request or record top-ups for these accounts.
Scenario: Patricia is a manager at Zylker. She noticed that most of the small cash transactions at Zylker are not reported, which is causing issues in tracking their spending and affecting their budget. To ensure that all the small transactions are managed and recorded, she uses Petty Cash Accounts in Zoho ERP. She creates the required petty cash accounts, allowing account owners to associate their petty cash expenses, request top-ups, and create reports within the petty cash accounts.