Question

Jan returned with a receipt for her purchase and change from the money given to her from petty cash. You returned the change to the petty cash drawer and deducted the amount from the voucher. What should you do with the receipt?

a) Discard it
b) Keep it for reference
c) Attach it to the voucher
d) File it separately

Answer 1

The correct action to take with a receipt from a petty cash purchase is to attach it to the voucher. This ensures accurate tracking and accounting of petty cash expenses.

Step-by-step explanation:

When handling petty cash transactions, it is important to keep a detailed record for accounting purposes. Upon returning with a receipt for a purchase made using petty cash, you should attach the receipt to the voucher. This serves as proof of the expense and ensures that all financial transactions are transparent and accounted for properly. The receipt is an essential document for bookkeeping and potential audits, therefore it must not be discarded, kept loose for reference, or filed separately without being attached to the voucher it corresponds to.