The purpose of petty cash is to pay for minimally priced business transactions in a cost effective way. Petty cash can only be used for transactions that are not reported to the Internal Revenue Service.Know More
Petty cash should be set up as an individual fund with all transaction requests and receipts and replenishment of funds being properly recorded for auditing purposes. A fund custodian is appointed to maintain and reconcile the account.
Vouchers are used to request cash from a petty cash fund. Vouchers must be pre-approved before cash can be disbursed. Receipts for purchases are matched up to voucher requests and maintained for account reconciliation.Learn more about Personal Banking
Nominal income is the amount of an employee's salary that is paid in cash, whereas real income is the amount the employee receives after accounting for inflation. This means that the nominal income is always the highest of the two figures. Even when an individual has access to more money, her purchasing ability may be low because of inflated prices.Full Answer >
Writing a check for cash can be done two ways. A person can either write the word "cash" in the "Pay to the order of" blank line on a check or put his own name in that payee space.Full Answer >
Western Union does not cash checks for customers; however, Western Union agent locations can be found at check-cashing businesses, such as Check Into Cash, and at grocery stores and supermarkets, which frequently cash checks for customers. Western Union offers other financial services, such as transferring money between parties and selling money orders.Full Answer >
Western Union money orders can be exchanged for cash in person at any local stores or agencies authorized to sell the company's products, according to Western Union. The Western Union website offers a location finder feature to help customers find agencies in their area.Full Answer >