Employee reimbursement/Petty Cash

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Jess_L
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Employee reimbursement/Petty Cash

Hi all, 

 

I am new to MYOB essentials and I am hoping someone can point me in the right direction when it comes to reimbursing employees. I asked the business accountant and they suggested using a petty cash system, I am wondering if there is anyway of doing this without using actual cash?

I am hoping I can somehow pay directly into a bank account without it being included in payroll?

 

Any help would be greatly appreciated, thanks in advance!

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Ultimate Partner Seattle
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Re: Employee reimbursement/Petty Cash

@Jess_L

 

Jess,

 

In the old days before EFT remittances or corporate Credit Cards for employees, or ATM's or merchant facilities a Petty Cash Tin was used. 

 

Employees would keep their Invoices (now Tax Invoices) and provide a weekly Expense Summary for reimbursement.

The time period would differ from firm to firm ie some employees would claim after each transaction.

 

I suggest a Weekly Expense Summary may still appropriate and the employee can be paid by EFT.

A business should have a control that the employees are only claiming for business expenses.

 

Hope this helps.

 

Duncan

Duncan Smith
Business Advice + Tax
Helping business owners build a better business since 1998
E expressgst@optusnet.com.au T 02 9904 3672 7 days
Jess_L
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Jess_L
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Re: Employee reimbursement/Petty Cash

 

Thanks for the reply Duncan.

 

Implementing an expense sheet sound like a much better option to me, eliminating the need to have cash on hand is definitely a positive!

 

 

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