Departmental accounting and branch accounting give businesses different levels of control over their finances. Departmental accounting is centralized and common in corporations and other types of ...

Petty Cash accounts are approved when a need is established and documented by the department head. Those reasons include, but are not limited to, frequent, small dollar transactions not able to be ...

Petty cash may be used for small dollar reimbursements to employees for RIT business expenditures of $50.00 or less (i.e., those that can’t be paid by procurement card). Petty cash reimbursements are ...

Reserve accounts are non-transactional accounts used to carry forward funds for a specific purpose from one year to the next. This means that the account cannot be used for expenditures. Funds should ...