who is responsible for the pettycash fund in an organisaton
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This involves an employee being given the role of 'custodian' and made responsible for managing the petty cash. The cash is usually kept in a money box within the office. If a worker needs money to cover a particular business cost, they request the cash from the custodian.
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Usually one individual, called the petty cash custodian or cashier, is responsible for the control of the petty cash fund and documenting the disbursements made from the fund. By assigning the responsibility for the fund to one individual, the company has internal control over the cash in the fund.
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