Internal Controls for Cash Disbursements - Accounting

The video tutorial covers essential cash management systems, including anti-safeguards, voucher systems, and petty cash management. It emphasizes the importance of security measures like requiring checks for expenditures and maintaining a paper trail. The voucher system is explained as a method to control cash disbursements, especially for travel expenses, by using a reimbursement process. The petty cash system is described as a way to handle small, immediate expenses, with a focus on proper documentation and replenishment procedures.

What is the importance of keeping receipts for petty cash disbursements?

How does the petty cash system operate differently from other cash management systems?

How do you handle discrepancies in petty cash, such as a cash shortage?