Vendor Payment Management

Vendor Payment Management

– End to end management of essential cash payment services for small and daily vendors
– Digital platform to track all expenses and reports
– Dedicated spocs to manage the clients

Petty Cash Management

Petty cash funds are used by companies to handle small one-off purchases that can come up periodically in the course of business operations.

It is the system of recordkeeping to track the usage of petty cash funds.This involves summarizing all disbursements made and issuing cash back to the fund for that amount. The procedure for petty cash funding is outlined below:

  • Complete reconciliation form.
  • Complete a petty cash reconciliation form, in which the petty cash
  • custodian lists the remaining cash on hand, vouchers issued, and any overage or underage. The voucher information may come from the petty cash book. An accounting staff person reviews and approves the form and sends a copy to the accounts payable staff, along with all vouchers referenced on the form. The petty cash custodian retains a copy.
  • Obtain cash. The accounts payable staff creates a check made out to the cashier in the amount needed to fund petty cash to its stated limit. The cashier deposits the check and converts the funds into cash. The accounts payable staff forwards the petty cash reconciliation form to the general ledger accountant.
  • Add cash to petty cash fund. The cashier gives the cash to the petty cash custodian, who includes it in the petty cash fund. If there is a petty cash book, the custodian enters the amount of the cash received in the book, and updates the running total of cash on hand.
  • Record vouchers in general ledger. The general ledger accountant records the voucher amounts listed in the petty cash reconciliation form as expense in the general ledger, and then files the form and attached vouchers.

Nature of expenses

  • Refreshments & beverages for meetings.
  • Flower Arrangements.
  • Packaged Drinking water.
  • Team Events, Festivals & Birthday parties.
  • Petty Plumbing, Electrical & Carpentry work and its consumables.
  • Petty stationery requirement.
  • Subscription to Cable TV
  • Milk & News Paper Vendor Payments.
  • Medicines, Rubber Stamps, Garbage Disposal
  • Guest House/Pantry related expenses like groceries, refill of LPG gas cylinder.
  • Laundry/ Dry cleaning of office related clothes.
  • Other facilities related expenses as approved by the Client.
  • Adhoc work at sites like Soil Levelling, debris removal etc.

Process Flow