Printable Cash Sheet Template | Free Sheet Templates (2024)

FAQs

How to create a petty cash log? ›

The petty cash log should include the date, details of the transaction, the cash you put into petty cash, the amount distributed, and a running balance. Once your running balance hits your replenishment amount, you're ready to write a check to bring the petty cash total back to the original funded amount.

A cash sheet is a daily reconciliation of cash received and cash paid out. If a good deal of your business is transacted in cash, such as in a retail store, you should prepare a cash sheet at the end of each day. It's sound practice to deposit all cash receipts in your bank account daily.

A daily cash report is a detailed report that outlines how much cash your business currently has on hand. It tracks how much money is coming in and out of your business, and the report is updated on a daily or weekly basis.

The small amount of cash that a company considers petty will vary, with many companies keeping between $100 and $500 as a petty cash fund. Examples of transactions that a petty cash fund is used for include: Office supplies. Cards for customers.

A balance sheet is based on a simple formula: Assets = Liabilities + Shareholders' equity. This formula shows how the things a company owns (assets) were paid for. Either the owners have invested money in them (this is called shareholders' equity) or have taken out debt (liabilities) to pay for them.

The cash book template includes sections for the receipt number, purchase date, and amounts. Record all cash payments directly in your cash book to keep track of them during reconciliation.

Recording in a Cash Book

All transactions in a cash book have two sides: debit and credit. All cash receipts are recorded on the left-hand side as a debit, and all cash payments are recorded by date on the right-hand side as a credit.

“We would recommend between $100 to $300 of cash in your wallet, but also having a reserve of $1,000 or so in a safe at home,” Anderson says. Depending on your spending habits, a couple hundred dollars may be more than enough for your daily expenses or not enough.

To create your cash report, gather all the daily receipts that involve either cash payments from your customers or cash payments made to customers, suppliers or cash deposits made into your bank. This will allow you to document your daily cash flow.

How do you keep track of petty cash? ›

For petty cash accounting, you must create a log detailing your transactions. And, you must record a petty cash journal entry when you put money into the petty cash fund and when money leaves the fund. Consider recording petty cash transactions in your books at least once per month.