A project or business is not going to be able to survive, let alone flourished, without a good finance system. You must know your expense and income and must be able to see where all the money go to be able to review and make some cuts. Beside the balance sheet of the income and expense, there are other things you need to do such as the petty cash log. The petty cash log is needed to track all the deposits and withdrawals made from the petty cash account. The petty cash log can be considered as the miniature of the company’s balance sheet, but as finance is all about detail, it is very important to know every single thing and to have the proof of every income and expense made.
If you do not know what to put on your log, the easiest is to create an excel file that contains columns such as date, receipt number, description, amount of money deposited or withdrawn and who received and approved them. The receipt number will make it easier for you to check and match the actual receipt and the input in the log. This log will save your time from searching all the input in the company’s balance sheet just to check on the petty cash uses. Download and use this free petty cash log template below to ease you creating your own petty cash log.