What do you understand by the term "Petty Cash"?

[Good-Person]

Petty cash refer to small amounts of cash businesses need to have in order to deal with their customers on daily basis. Many businesses such as supermarkets, restaurants, shop,s and other businesses need to store cash in order to deal with customers. So, is this the only definition of petty cash? What is petty cash to you?

 

[Grant]

To my knowledge, it's usually small amounts of cash or money that you have as a backup so to say. I suppose a store that has cash on hand could be considered petty cash.

Usually when I hear that term, I think of it as money you have saved up, or left aside for later. But that's clearly not what petty cash is, so I've been wrong for a while haha.

 

[Shortie]

When I hear the term petty cash, I instantly think of small amounts of cash in the form of coins or even change that you would give to a customer in a store when you work as a cashier.

Petty cash is something my grandma always used to say was called petty cash because it was annoying how much you would end up with that you really did not want to have to carry around with you LOL

 

[Heatman]

Well, for Miscellaneous expenses, I believe that's what petty cash are for in any kind of business and even personally life expenses too. There are some money that you're not supposed to dip your hands into in your business for just about any kind of expenses that you need to pay for. The petty cash is what's kept aside for those minor expenses.

 

[Kane]

Most of the business transactions are performed through banks, Whether the business is paying staff salaries or receiving payment from customers, they use banks, even when customers pay cash, they will immediately deposit in banks. However, businesses are also performing smaller transactions on a daily basis and the funds allotted for this purpose are called petty cash.

 

[Frank]

When I hear the term petty cash, I instantly think of small amounts of cash in the form of coins or even change that you would give to a customer in a store when you work as a cashier.

Petty cash is something my grandma always used to say was called petty cash because it was annoying how much you would end up with that you really did not want to have to carry around with you LOL

I see petty cash as funds set aside for precautionary purpose of holding money. Just that in this case, it is not a huge amount, but simply the money that you can use to sort out minor expenses that may come up in your business or even personal life. It is money that we can't do without at all.

 

[Keibah]

I also see petty cash as little amounts stashed away from the bulk. Such amounts are used for day-to-day running around. You do not have to touch the amount you've stashed away. Not just businesses, I also think that individuals need to have petty cash.

 

[Good-Person]

Well, for Miscellaneous expenses, I believe that's what petty cash are for in any kind of business and even personally life expenses too. There are some money that you're not supposed to dip your hands into in your business for just about any kind of expenses that you need to pay for. The petty cash is what's kept aside for those minor expenses.

I think that petty cash is the kind of fund that many small businesses use in order to deal with expenses they face. For example, a supermarket or any other kind of business may have to keep cash in their cash register machines in order to deal with day to day expenses whenever the customer shops at their supermarket.