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How to write your Petty Cash Policy
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How to write my Petty Cash Policy document
Company Name's policy on handling petty cash is described below. Use this page to describe your organization's policy's for using and handling petty cash (small amounts of bills and coins).
Purpose and Permitted Usage
Describe here how and when petty cash should be used, as well as usages that are not permitted. For example, you might say something like "The petty cash supply is maintained and used for making change during ticket sales only. Any other use must be approved in advance by the manager.
Authorized Users
List the names of individuals or the category of people (e.g., "cashiers" or "waiters") who are authorized to handle the petty cash.
Setup and Reimbursement of Cash Supply
Describe your policy for accounting for petty cash at the beginning of a time period. For most organizations, this would be the beginning of a work shift or a business day, but it also could be every time a different employee handles the cash. Describe how and by whom the cash is acquired and counted during setup for the work period or event.
Be sure to include the numbers and types of bills and coins that are required at the beginning of the period, too, as well as describing how and by whom petty cash will be resupplied after spending. Describe how records will be kept of how cash was disbursed. For example, you might say "All usages of petty cash-the amount, the recipient, the reason-must be entered in the ledger that accompanies the cash box" or "Each disbursement from the petty cash fund must be entered in the XYZ spreadsheet online.
Describe who is responsible for reconciling the records of expenditures from the petty cash fund, and when this must happen. For example, you might write "At the end of each shift, the supervisor must reconcile the usage of petty cash with the remainder, write the total usage and remainder in the ledger, and sign next to the daily total. In the event that the amounts cannot be reconciled, this discrepancy must be reported to the division manager.
Securing the Petty Cash
Describe how and where the petty cash will be kept, and who has the responsibility for securing the funds when they are not in use. This might include routinely depositing funds in excess of a specific amount in a bank account, locking the funds up in a safe, etc.
Other Considerations
Describe any other important issues. These might include your policies for changing the amount of petty cash on hand, closing an account, authorizing substitute personnel on occasion, or penalties for mishandling the petty cash-any details that are part of your petty cash policy and have not been described above.
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Frequently Asked Questions
How do I customize this contract to fit my business needs?
Customizing this contract involves editing the document to include your business details, terms, and conditions. The templates are designed to be flexible, allowing you to insert your company's name, address, and other relevant information. You can modify clauses to reflect your unique business practices and legal requirements.
Is this contract compliant with laws and regulations?
The legal contract templates are written by legal professionals and designed to comply with current laws and regulations at the time of their writing. However, laws can vary by jurisdiction and change over time, so it's recommended to have your contract reviewed by a local attorney to ensure it meets all legal requirements specific to your region and industry. Templates are licensed as self-help information and not as legal advice.
Can I use the same contract for different clients or projects?
You can use the same contract for different clients or projects. The templates are versatile and easily adapted for various scenarios. You will need to update specific details such as client names, project descriptions, and any unique terms for each new agreement to ensure that each contract accurately reflects the particulars of the individual client or project.
What should I do if I encounter a clause or term I don't understand?
If you encounter a clause or term in the contract that you need help understanding, you can refer to guidance notes explaining each section's purpose and use. For more complex or unclear terms, it's advisable to consult with a legal professional who can explain the clause and help you determine if any modifications are necessary to suit your specific needs.
How do I ensure that the contract is legally binding and enforceable?
To ensure that the contract is legally binding and enforceable, follow these steps:
- Complete all relevant sections: Make sure all blanks are filled in with accurate information.
- Include all necessary terms and conditions: Ensure that all essential elements, such as payment terms, deliverables, timelines, and responsibilities, are clearly defined.
- Signatures: Both parties must sign the contract, and it is often recommended that the contract be witnessed or notarized, depending on the legal requirements in your jurisdiction.
- Consult a legal professional: Before finalizing the contract, have it reviewed by an attorney to ensure it complies with applicable laws and protects your interests.
Ian Lauder has been helping businesses write their proposals and contracts for two decades. Ian is the owner and founder of Proposal Kit, one of the original sources of business proposal and contract software products started in 1997.By Ian Lauder
Published by Proposal Kit, Inc.Disclaimers
Proposal Kit, Inc. makes no warranty and accepts no responsibility for the suitability of any materials to the licensee's business. Proposal Kit, Inc. assumes no responsibility or liability for errors or inaccuracies. Licensee accepts all responsibility for the results obtained. The information included is not legal advice. Names in use cases have been fictionalized. Your use of the contract template and any purchased packages constitutes acceptance and understanding of these disclaimers and terms and conditions.
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