Answer:The accountant's main job in the petty cash process is to ensure that petty cash is properly managed and that all transactions related to it are accurately recorded in the accounting system.
The accountant is responsible for establishing the petty cash fund and determining the appropriate amount of cash to be held in the fund. The accountant must also ensure that the petty cash fund is secure and that it is only used for authorized expenses.
The accountant is also responsible for approving and recording petty cash transactions. This includes verifying that the expenses are legitimate and that they are properly supported by receipts or other documentation. The accountant must also ensure that the expenses are recorded in the correct expense accounts and that they are properly allocated to the appropriate departments or cost centers.
At regular intervals, the accountant must also reconcile the petty cash fund to ensure that the balance of cash on hand matches the balance in the accounting records. Any discrepancies must be investigated and resolved.
Overall, the accountant plays a critical role in managing the petty cash process to ensure that it is efficient, accurate, and compliant with company policies and accounting standards.
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