Cash withdrawl
This query is : Resolved
16 April 2014
Hi Experts,
Iam working in an event management company and would like to know is there any limitations on cash withdrawl since we have lot of petty things to procure , payment to travel, transport, bus etc in cash depending upon the event.
and also in many cases we don't get supporting / invoices for the cash expenses . eg we needed to buy nail polish, hat , for one of our client women day celebration we bought from local vendor there was no bill or any thing. How to handle this in accounts and audit point of view. Kindly guide
Iam working in an event management company and would like to know is there any limitations on cash withdrawl since we have lot of petty things to procure , payment to travel, transport, bus etc in cash depending upon the event.
and also in many cases we don't get supporting / invoices for the cash expenses . eg we needed to buy nail polish, hat , for one of our client women day celebration we bought from local vendor there was no bill or any thing. How to handle this in accounts and audit point of view. Kindly guide
Sandeep Dharar
(Expert)
16 April 2014
No there is no limitations on cash withdrawal.
Nikhil Kaushik
(Expert)
16 April 2014
but you need to ensure that you dont pay any expense in cash in excess of Rs 20000 in a day
CA Sachin D Jain
(Expert)
19 April 2014
It is suggeated to make all the big payments in cheque and if possible, the small payments ahould also be done in cheque. Ensure that wherever possible in case of cash paymenta, bills / invoices shpuld he procured.
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