Liquidating petty cash advances

The amount withheld shall be applied to his (AO’s) accountability. Petitioner failed to establish that the dismissal order was tainted with grave abuse of discretion such as the denial of the prosecution’s right to due process or the conduct of a sham trial.

The AO shall likewise be held criminally liable for failure to settle his accounts.[15] (Emphasis supplied.) As can be seen, contrary to the findings of the , actual damage to the government arising from the non-liquidation of the cash advance is not an essential element of the offense punished under the second sentence of Section 89 of P.

If the calculated amount is less than the original balance, there is a shortage in the petty cash fund.

If the calculated amount is more than the original balance, there is an overage in the petty cash fund.

An order of dismissal arising from the grant of a demurrer to evidence has the effect of an acquittal unless the order was issued with grave abuse of discretion amounting to lack or excess of jurisdiction granted the demurrer to evidence on the ground that the prosecution failed to prove that the government suffered any damage from private respondent’s non-liquidation of the subject cash advance because it was later shown, as admitted by the prosecution’s witness, that private respondent liquidated the same albeit belatedly. 5.1.3 Foreign Travel – within 60 days after return to the Philippines.

90-331[14] or the “Rules and Regulations on the Granting, Utilization and Liquidation of Cash Advances” which implemented Section 89 of P. 5.1.2 Petty Operating Expenses and Field Operating Expenses – within 20 days after the end of the year; subject to replenishment during the year.

what is important under petty cash is that you need to have an approved guidelines as to how you should manage your petty cash.

but definitely this should be covered in your APP covering those may fall under unforeseen contigencies.

petty cash need not pass thorugh the BAC or RBAC as to our case.

As transactions occur, no journal entries are made.

Then, at the end of the period or upon the reconciliation of the petty cash fund, the receipts are used to verify the balance in the petty cash fund and code the transactions.

Petty cash is a small fund of cash kept on hand maintained by a custodian for purchases or reimbursements too small to be worth submitting to the more rigorous purchase and reimbursement procedures of a company or institution.

Periodic reconciliations reveal any shortfall or overage in the fund, as receipts are used to calculate the fund balance.