The general ledger account Petty Cash is reported on the balance sheet as a current asset.

Often the balance in the Petty Cash account is combined with the balances in other cash accounts (such as checking accounts) and the total will be  reported on the balance sheet as Cash.

The Petty Cash account should be replenished just prior to issuing the financial statements so that the amount of  currency and coins on hand is equal to the balance in the Petty Cash account. This also ensures that the recent petty cash disbursements are recorded in their appropriate accounts—often expense accounts.

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