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
Sign up for SSI direct deposit at your banking institution, Social Security office or through the Social Security website. Additionally, you can enroll in the SSI Office Direct Express program, which provides you with a debit card account for electronic payments. Citizens are required by law to receive SSI payments via direct deposit.Full Answer >
There is not one set amount of money that every ATM holds at a given time. However, most ATMs have the capacity to hold up to $200,000 at one time. Most do not have this much in cash inside of the actual machine, with $10,000 being a more reasonable figure.Full Answer >
The main difference between financial and real assets is that financial assets are cash and securities, such as stocks and bonds, whereas real assets represent tangible possessions, such as real estate, production equipment and inventory. Generally, financial assets are more liquid than real assets because they can be readily converted to cash. Real assets take considerably more time to sell.Full Answer >
After death, a person's unpaid medical bills are the responsibility of the person's insurance company and the estate, according to Debt.org. Once a person dies, all of the assets associated with that person, including any house, car, life insurance and other monies, pass into an estate. The estate is typically handled by an executor named in the deceased's will.Full Answer >