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Petty Cash
I am working with a General Contractor. We have a Petty Cash account in Quick Books. During the course of the year we have had a Petty Cash balance as much as $59,000. By the year end it was $8800. What are the laws that pertain to Petty Cash balances? Does it allow for a $59,000 as a Petty Cash balance? We do have receipts that go against this Petty Cash but there are times when the balance is so high for many months. This is for a sole proprietorship.
