PETTY CASH. The key to petty cash is to BE ORGANIZED!

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2 PETTY CASH The key to petty cash is to BE ORGANIZED! Petty cash is usually issued to staff of the organisation, (for example: transport charges a staff in any department, expenses for lunch/tea for staff, stationery expenses, etc.). Petty cash is a float of money given to an individual to cover costs of the job. Petty cash can be given in any denomination, in some cases when the money is gone you don t get any more but it is more common to carry a float for the duration of a project and get it topped up as needed. The following tips are very useful when it comes to dealing with: ALWAYS GET A RECEIPT! This is a difficult habit to get used to if you aren t already doing it for your personal finances. Always be sure to ask for a receipt, if you are giving an individual a cash payment, be sure to get a signed, hand written receipt or an invoice from them. Always keep your petty cash separate from your personal money. You should have a separate account attached to your bankcard and use it only for petty. Also use a cash bag for any cash or loose change.

3 Keep all of your petty cash receipts and money together. Don t keep your petty cash and receipts in your wallet, an envelope and a cash bag, this is how things get lost; keep it all in one location. Have one method of organization and stick to it. Don t lose your money or receipts. The last thing you want is to be missing money, if you can t account for it then it is going to come out of your pocket. If you have the time it is a good idea to jot down each purchase you make or input them into your phone. There are also envelopes with grids on the back that you can write each of your purchases into. Make copies! Scan or photo copy all of your receipts for your own records. If you hand over your receipts and someone misplaces them then it is good to have a backup plan. If you are on a longer show then it is likely you will need to get topped up on your petty cash. Keep an eye on the schedule, you should be able to plan for more expensive days and get topped up ahead of time. You need to complete an expense report and submit it to you re the finance department or to your manager for reimbursement. Your production manager will more than likely have a template that they prefer you to use. The report is for you to input your receipts and add up the money you have spent. Here are some things to consider when it comes to: Expenses Report Try to organize like purchases together. When you are sorting your receipts keep similar purchases together, such as all gas receipts, all prop receipts, all food receipts etc. This makes life easier for the accountant dealing with your expenses. Hand over your remaining money. If you are not being reimbursed than you just need to fill in the expense report and give back any remaining petty cash you might have. Organize your receipts. Tape your receipts to blank pieces of paper in the same order that you have put them into your expense report and number them so they coincide with the report. You can either hand the receipts in with your report or scan them and them to your production manager. Having a scanned copy for your own records is a smart choice. Personal Expenses. Expense reports can also be done for personal money that you had to spend in order to do your job. It works the exact same way except, the money you receive is a personal reimbursement instead of a petty cash one. You need to be as organized as possible when it comes to petty cash, especially if you are given a large amount. I have had floats as large as and it can be very difficult to keep it all sorted in my brain. Write everything down and make yourself reminders. It is never fun at the end of a show to be left owing money to the production. Always ask for a receipt and keep everything together in one envelope. Figure out a system that works for you.

4 Working with Invoices and Receipts During a sale of goods or services, a buyer and a seller enter into an agreement to transact business and complete a financial transaction. The agreement can be verbal or written, and the terms of the transaction will be recorded or documented with an invoice and a receipt. Invoices and receipts are source documents for accounting; an invoice is also called a bill. Invoices and receipts are used in accounting to record sales transactions and to account for requests and receipts for payment. Invoices An invoice is a bill, or a request for payment, for a sale. It lists goods or services provided by the seller to the customer, along with prices, credits, discounts, taxes and total due. It may also include credit information, an invoice number, a salesperson s name and any special sales programs. For example, many invoices allow the buyer 30 days to pay and offer a discount for paying within the first 10 days of the invoice date. An invoice includes business contact information for the seller, including business name, address, phone number, fax number and web address. It also includes contact information for the buyer and the date of the sales transaction. Invoices should not be confused with purchase orders, which are written requests from buyers to sellers authorizing the shipment or delivery of goods with agreement to pay.

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6 Receipts A receipt is documentation that payment has been made to finalize a sale. It serves as proof of ownership in most cases. It lists goods or services, prices, credits, discount, taxes, total amount paid and method of payment. Receipts generally include information about buyers and sellers, in different formats and to varying degrees. For example, point of sale purchases, such as buying gas for a car at a gas station, have complete seller s contact information but limited buyer s information. A receipt is the buyer s proof of payment.

7 Issuers and Recipients Invoices and receipts are generated by sellers, merchants and vendors and issued to buyers, customers or clients. Accounting departments, sales staff and customer service staff may issue invoices to customers. Doctors and dentists offices issue invoices to patients for services rendered. A waiter or waitress issues an invoice, called a bill or a check, to diners in restaurants for the food they order. Recipients of receipts are normally customers but may be accountants or bookkeepers, as well as third parties receiving receipts as proof of customer payment for financial proceedings. Using Invoices and Receipts Invoices are used to request payment from buyers, keep track of sales, help control inventory and facilitate delivery of goods and services. Invoices are also used to track expected future revenues and to manage customer relationships by offering favorable payment options, such as extended time periods for payment or discounts for early payment or cash payment. Receipts are used by buyers or customers to prove they paid for an item, especially in return situations in which goods are faulty or defective.