We Are Here to Help You with Petty Cash and Change Funds Problems
In subject of finance, petty cash and change funds are a bit different from other topics in this area. Unlike, the other financial entities, these funds are not usable everywhere and in every case. There are restrictions on applicability of such funds during any work of business. So, these restrictions and rules are to be understood well before you get ready to know this entire topic and be an expert in it. If this is what you have in mind then our Petty Cash and Change Funds assignment help is your best option.
Petty cash fund is a set amount of money held by a department and used to make small, incidental purchases requiring cash of not more than fifty dollars from any local vendor, in case the normal route of payment is not cost effective or appropriate. Such types of funds are used in cases of emergencies by business firms or authorities. Its main features are:
- It is used in case of urgent requirements service or goods by authorities or business.
- Required goods must not be very expensive. They should be low priced and easily available.
- The funds should not be issued until and unless when absolutely necessary, that is when it is really an emergency. For example, in case of sudden loss of materials, or a sudden excess demand in products.
- Also as it deals with notes and coins, strictly total available cash and total outstanding receipts must always be equal to total fund.
All these rules and regulations regarding such funds are easily comprehensible if you take Petty Cash and Change Funds homework help from 24x7assignmenthelp.com.
Change funds are set amounts of money used by a department to give change to customers who are purchasing goods or services. However, selling of these goods and services must be approved through appropriate channels beforehand. It is equivalent to a store’s money reserve, from where it gives changes to its customer in case an excess payment is made in cash. The notable features of these funds are:
- They are exclusively used by firms or corporations offering services or goods in exchange of cash, like notes or coins.
- They are needed only when a customer makes payment more than required. It often happens in exchange of cash money, because notes or coins hold integral value of money.
- Corporations can legally make such type of transactions and sell such services or goods only if they have a preset change fund.
These are in brief the main features of petty cash and change funds. You will come to know about more details them if you accept our Petty Cash and Change Funds assignment help.
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