This article will explain:
- What Petty Cash is
- How to process Petty Cash during the shift
- How to process Petty Cash in OfficeMate
What is Petty Cash?
Petty cash is an amount of cash on hand that is used for paying small amounts owed. In Ordermate, if you are paying this amount owed using money from the cash drawer, and it is not a sale/revenue then it can be classified as petty cash.
Some examples of using petty cash include the following:
- If a meat supplier makes a delivery and you normally pay them cash on delivery. They will give you the invoice and you take the amount out of the cash drawer to pay them
- If you run out of milk for the coffee machine and you send a staff with money from the cash drawer to go buy more from a grocery store. They come back with the receipt put the change in the cash drawer
How to process Petty Cash during the shift
When trading and you require money from the till for petty cash, collect the invoice or receipt, place in the cash drawer and pay the money out. The Petty Cash entry can be created straight away in WaiterMate or it can be entered at the end of the shift in OfficeMate.
How to process Petty Cash in OfficeMate
At the end of your trading day, you will need to reconcile your takings to cross-check the amount and variances.
- Start your reconciliation and enter your totals as usual
- Click on Petty Cash to edit the amount
- Fill out the information for the Petty Cash and to save/add click on okay
- Repeat until all Petty Cash is entered
- Finish off your reconciliation and make sure everything adds up and your till drawer balances.
Expense - Is an item that is purchased for the business for use e.g Lightbulb, printer roll
Purchase - Is an item that is purchased for the business to be sold as part of an item or as an item for a customer
For information on Reconciliation, please click here.