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Petty Cashbook
A petty cash book is used to record low value cash payments.
Imprest system Imprest system of a petty cash is where the amount spent each period is restored so that the petty cashier starts each period with the same amounts
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Analysis Columns are used to divide the payments into different categories
Accounting entries in a cash book:
Money received
- Money received from chief cashier insert to debit side with the word bank or cash.
- Debit the column with any money received from any other source.
Money Paid
- Credit the total paid column with any amount paid and also enter the amount in the analysis column.
At the end of the period
- Add the total paid column.
- Add each of the analysis columns and insert the totals.
- Balance the total received column and the total paid column. Carry down the credit side to the debit side to start the new period.