Journal Entries - Imprest Fund System

[@yayayaya-jl2sh]

hello! skl i got frustrated studying alone petty cash fund journal entries since we were bombarded with difficult problems agad-agad without solid understanding and analysis especially with why is there a need for a reversal for the next period, I couldn't answer them! 😭 BUT your video helped a lot! please continue doing this 🥰 you just saved a frustrated accounting student during this pandemic! May God bless you more and your channel.

[@FilipinoAccountingTutorial]

God bless you too. Masaya kaming makatulong 🙂

[@leahodrada4830]

Hehe. Same here. Kahit parang madali lang pero pag inintindi mo na mapapaisip kanalang ng what? Why? How. ? Hahhaha

[@navarraaleabelfayes.9816]

@@leahodrada4830 same po 😂🤦‍♀️🤦‍♀️

[@aein_gi3763]

sameeee pooo, this channel is indeed a blessing especially na online class ngayon.

[@wine-a8588]

Thank you nang marami! Talo mo po prof namin, binabasa lang kasi yung nasa book pag discussion 🥺 buti nalang may magaling dito nagtuturo gaya po sayo na naiintindihan ng maraming pinoy/pinay para makamit ang aming pangarap na maging cpa, cpa/lawyer, etc. Keep it up sir!

[@FilipinoAccountingTutorial]

You're welcome Wine. Mag aral palagi nang mabuti aspiring CPA. Masaya kami makatulong. Marami pa na mg accounting videos dito baka sakali makatulong 💛

[@briannamarquez6999]

grabe. i started watching videos from this channel nung nagstart yung pandemic and sobrang gumaan yung pressure ng accounting subject sa akin. then nag-explore ako ng ibang acctg videos galing sa ibang mga channels, okay din naman sila. pero after watching those videos then, naclick ko ulit itong video na to from FAT channel, i just realized na grabe, SOBRANG ON POINT talaga ng mga tutorials dito. nahuhuli nya palagi kung ano yung kulang sa knowledge ko to fully understand a particular lesson. kaya i agree with other students here na lifesaver ang accounting channel na ito. GOD BLESS, SIR! TYSM!! you deserve more than a hundred thousand subs!

[@FilipinoAccountingTutorial]

Thank you too, Brianna 🙂 We hope our tutorial will help you in dealing accounting topics. Our tutorial are intended for aspiring professional accountants na bagong-bago palang sa pag aaral ng accounting ❤️ We hope makalikom pa kami ng maraming subscribers dito sa youtube para dagdag kasipagan sa amin na magpatuloy pa sa pag gawa ng libreng videos ❤️ Mag aral nang mabuti. God bless on your accounting journey 🙂

[@ohrenji6353]

I appreciate po yung pagpapakita ng mga actual na pera and vouchers, it helps lalo na sa mga slow learners like me. Thank you very much, more power to this channel. Di ko po skip mga ads niyo hehe

[@FilipinoAccountingTutorial]

Thank you, Oh 🙂 We think this is the best way for our viewers to understand imprest fund system. Kaya gumamit kami dito ng paper money and vouchers. ❤️ You are not a slow learner. You are just a beginner. Thank you for not skipping ads. It will be a great help to us 🙂

[@ethereallight7168]

Just what I needed when we're tasked to accomplish a practice set for merchandising business without knowledge on petty cash and how merchandising differs from service. Thank you very much! You're my hero.

[@FilipinoAccountingTutorial]

Thank you too, ethereal 🙂 Hoping your practice set will turn out good ♥️ Mag aral nang mabuti 🙂

[@criskhan-jl4kr]

Very helpful tong video nato. I'm having a hard time about sa intermidiate accounting na even lectures of my teacher ay I can't catch up. So, I tried searching in youtube but still mahirap pa rin until I found your videos po. Of all videos I watched and tried to understand, your videos po ang very helpful and naintindihan ko na about chapter 1 sa IA. Very clear ang explanation and with examples pa every transactions. Thank you so much po and God bless!

[@FilipinoAccountingTutorial]

You're welcome, cris 🙂 Im glad the video is helpful 🫶 Consider watching my review of intermediate accounting playlist and other IA videos baka sakaling makatulong rin sa iyo. Mag aral nang mabuti. God bless ❤️

[@ateclaire9070]

Hii sir, i just want to give my thank youuuu , by not escaping ads. Your videos are great and easy to understand! God bless

[@FilipinoAccountingTutorial]

You're welcome, Claire 🙂And thank you too for not skipping the ads. That would be a very great help to us. Hope this video will help you. Mag aral nang mabuti. God bless 🧡

[@teejaylancepascua2322]

Napakahelpful po talaga ng mga videos niyo. Continue helping others po. Thank you soooo much ❤❤

[@FilipinoAccountingTutorial]

Welcome Teejay!

[@charlottepalma9114]

Thank you so much for this, you just saved me from my quiz tomorrow. I hope po may mga complicated problems po kayo na sample para mas ma deepen pa po ang understanding. Thank you again po

[@FilipinoAccountingTutorial]

Hello Charlotte! You're welcome and Goodluck sa quiz! 👍 Will consider this, making videos na comprehensive problems. Mag-aral nang mabuti and stay safe 💛

[@bloom_sophia1437]

thank you so much sir, finally na gets ko na din ang petty cash fund

[@FilipinoAccountingTutorial]

You're welcome, bloom 🙂 mag aral nang mabuti ♥️

[@JorelleChrysanGasapos]

natutuwa akong panoorin ang video lectures mo. very simple and easy to understand. lalo na sa mga students. thanks a lot

[@FilipinoAccountingTutorial]

Thank you too, teacherjorelle ❤️ I hope this video lesson will help you 🫶

[@lelouch7738]

grabe, thank u po for explaining it in a simplest yet very detailed way for us to understand!! ❤️

[@FilipinoAccountingTutorial]

You're welcome, lelouch 🙂 Hope this video will help you. Mag aral nang mabuti ♥️

[@kaylamariepunzalan7180]

waaaahhhh thank you po talagaaaa! Sobrang helpful ng videos nyooo and sobrang nakakatuwa ung fake money, lalo na ung coins hihi. God bless po :)

[@FilipinoAccountingTutorial]

You're welcome kayla! We're glad na nakatulong 👍. Ganyan kami dito. Gumagamit kami, if needed, ng props sa mga tutorial videos namin. Hehe. Stay safe! 👍

[@joeanntorricer835]

Wow! Amazing. Galing talaga. More videos please. Thank you so much for your profound knowledge. Kudos to you!

[@joyiee9568]

thankyou so muchpo! this is very helpful po since nagse self study ako for now

[@FilipinoAccountingTutorial]

Welcome Joy!

[@heublu5567]

Thank you po sir, mas naintindihan ko na po ngayon ang imprest system.

[@FilipinoAccountingTutorial]

You're welcome Heu. Mag aral nang mabuti ❤️

[@navarraaleabelfayes.9816]

Thank you so much for this. Honestly, muntikan na pong dumugo ilong ko dito dahil hindi ko po siya maintindihan. Nang dahil po sa video niyo, naintindihan ko po siya. Salamat po ng marami.

[@FilipinoAccountingTutorial]

You're welcome Aleabel. Marami pa tayo accounting videos dito baka sakaling makatulong if you need of it. Mag aral nang mabuti 💛

[@LCLandauz]

Thank you po, your video really helped me a lot to understand this lesson.

[@FilipinoAccountingTutorial]

You're welcome, LC 🙂 We're happy it helped ❤️ mag aral nang mabuti 🙂

[@brentbalda3826]

Tuloy mo lang sir marami kang natutulungan :)

[@FilipinoAccountingTutorial]

Salamat Brent!

[@hanabihyuga9315]

Galing mo talaga sir! Napakalaking tulong po💓

[@FilipinoAccountingTutorial]

Thanks, Hanabi. Masaya kami makatulong. Mag aral nang mabuti ❤️

[@jingyuukim4800]

Requesting for Fluctuating fund system po

[@erazillaaabradbury6026]

Hi kuya, mas naintindihan ko pa explaination mo kesa sa explaination ng prof ko, thank you very much!

[@FilipinoAccountingTutorial]

You're welcome Erazillaaa! Stay safe 👍

[@ngl.rsr.1213]

Thanks po sa vid. Sobrang helpful at nakakatuwa with those fake money.😄💗

[@johnreyballesteros414]

Thankful sa pagvideo niyo po ng about petty cash fund

[@FilipinoAccountingTutorial]

You're welcome John Rey! 👍

[@gabrielespino295]

Kung eto magiging accounting prof ko lahat maintindihan ko 😊

[@FilipinoAccountingTutorial]

Thanks Gabriel. Mag aral ng mabuti 💛

[@gooddeeds9365]

Ang galing mo, keep up the good work, your one of the best!

[@FilipinoAccountingTutorial]

Thanks Good deeds! 👍

[@cjjj1454]

thank you this was very well explained po:))

[@FilipinoAccountingTutorial]

You're welcome, Cjjj ❤️ We hope this video will help you 🙂

[@daisy-bt7nq]

Thank you for this, sir!

[@FilipinoAccountingTutorial]

You're welcome, daisy 🙂

[@danilegaspi]

Thank youuuuu so helpful

[@FilipinoAccountingTutorial]

Welcome!

[@leek2409]

Thank you so much! God bless!

[@racheltamundong3015]

Requesting tutorial for fluctuating fund system po 🙏❤️ Godbless!

[@quindaramialiwanag2827]

Thanks po sir for this! 😁

[@FilipinoAccountingTutorial]

You're welcome Mia ❤️

[@caparidanicholeclarisse4092]

Thank you so much sirrrrrr

[@FilipinoAccountingTutorial]

You're welcome, Nichole 🙂 Hope it helps 🧡

[@ice3832]

thank you po sa inyo sir!!!

[@FilipinoAccountingTutorial]

You're welcome Imee. Hope this will help.

[@gisellepinca5020]

Thank you so much po. Evaluation na kasi namin next week 😂

[@FilipinoAccountingTutorial]

You're welcome Giselle! Goodluck sa evaluation!

[@emjey9058]

Thank you po! I've learned a lot on your channel po. Ask ko lang po if pwedeng magrequest ng Petty Cash Book hihi. Thank you so much po💚

[@FilipinoAccountingTutorial]

You're welcome Ella. Mag aral nang mabuti. We'll take note of your request para sa mga susunod na uploads ❤️

[@emjey9058]

Thank youuuu so much po! ❤️💚

[@alejandroromeo2847]

Thank you po. Bank reconciliation naman po

[@Ahmedpuno]

MAHINA AKO SA VISUALIZATION. SALAMAT SA MGA VISUAL AID SIR!!

[@FilipinoAccountingTutorial]

Walang anuman Buhay Puno. Mag aral mabuti 💛

[@Ahmedpuno]

@@FilipinoAccountingTutorial tama kahit ako me edad na learning should be our lifetime goal. Keep up the good work sir

[@artbyn_4401]

hi what about fluctuating fund system po?

[@airrahnicolesadsad581]

Thank you po!more videos please 😊

[@FilipinoAccountingTutorial]

Hello Airrah! You're welcome! Sure, more videos to be uploaded dito soon!

[@airrahnicolesadsad581]

Filipino Accounting Tutorial pwede po yung sample problems ng cash and cash equivalents? 😊

[@alvinamamangpang9105]

Bank Recon + Proof of Cash po.

[@ricaellarestauro7678]

Im a new subscriber po hehhehe. Thank you po talaga😍

[@FilipinoAccountingTutorial]

You're welcome Rica!

[@hannahsshiii]

hello po, im doing an advance reading and the topic is pcf - imprest fund system,, hindi ko po magets kung paano nangyari yung mga step kaya i decided to search a tutorial on yt and fortunately meron po kayo. now after watching it napa "ah ganun pala 'yon" ako.. haha 🤣 thank you so much po!!!! 🤗 God bless you!

[@FilipinoAccountingTutorial]

Welcome Hannah! Masaya kaming makatulong sa iyo. ❤️

[@hannahsshiii]

@@FilipinoAccountingTutorial salamat po ulit!

[@rhaffedayday6990]

nice video sir!

[@FilipinoAccountingTutorial]

Thanks Rhaffe. We hope it helps 🙂

[@arianmaejubane5224]

Ang cute nung money and vouchers hahaha

[@FilipinoAccountingTutorial]

Salamat Chubby!

[@ireumkath]

thank you sooooo much 🙏😄

[@FilipinoAccountingTutorial]

Welcome

[@acang7530]

Request po fluctuating fund system naman po😅 thaaaaanksssss

[@FilipinoAccountingTutorial]

Sure!

[@rustomzabala7294]

Thank you po. Pa request po ng Fluctuating fund system 😊

[@FilipinoAccountingTutorial]

You're welcome Tom! And salamat sa suggestion 💛

[@sirjhemvlog2416]

tnx po more videos

[@FilipinoAccountingTutorial]

Hi Eric! Yes! Madami dami pang topics ang cocover namin. Thanks!

[@skystone5545]

More topics po ng FAR at AFAR po.

[@stephenflorlumapas7209]

sobrang galing mo sir. baka pwede po fluctuating sir kung okay lang po. salamat

[@FilipinoAccountingTutorial]

Walang anuman! Yes, noted ito. Keep safe!

[@alenevanngranadosin1564]

who is here before midterms next week? HAHAHAHAHA

[@danteorpianajr.7608]

Thank you for the explanations. But I have some few questions. In the 2019, there's a 7,000 balance of petty cash fund right? So where did the 7000 go in 2020? We reversed the entry on 2020 for the expenses so it will 0 out. Why did the petty cash fund of 3000, which is an expense for 2019, got debited for 2020. If we calculate the amount of petty cash fund it will be 3,000 on 2020. Where's the 7000? If we replenished the 3000 in 2020 the expenses will be debited and cash in bank will be credited. Is the total of the petty cash fund on 2020 will be 6000?

[@kaiuno8991]

Good afternoon po sir, question lang po sa notes payable. Example sinabi po na: On December 15, 2020, ABC Company received a 60-day Promissory Note amounting to P500,000 with an annual interest of 6%. What is the reversing entry on January 1, 2021? When po ang start ng counting, on august 12 po or 13? tapos when will it end po? Paano rin po ang bilang niya depended po ba per month? Thank you po.

[@unick7416]

Sana po may example ng Shortage at Overage , Thank You Po 💕

[@FilipinoAccountingTutorial]

You're welcome Unick. We'll do examples na may shortage/overgae soon 💛

[@jingyuukim4800]

Hello! What about Fluctuating Fund System?

[@amalqader9029]

I didn’t get the transaction #4 when reversed how do you approve the expenses 3k for 2019 in 2020 please ¿

[@joboiii]

Hello po, correct me if I'm mistaken, after the adjusting entries were made, and the entries were reversed in 2020, shouldn't be the unreplenished expenses in 2019 be combined with the unreplenished expenses that happened in 2020 subject for replenishment? It seems like only the 2020 expenses were replenished and 2019 disbursements were unreplenished. Salamat po.

[@jhoevelynnuelan65]

Sir, so it is okay na hindi na po irecord yung transaction number 3 kase using imprest fund system we only record the petty expenses upon the replenishment then no need na din po ng reversing entry which means saka na lang uli natin siya marerecognize in time of replenishment in 2020. But kaya po ba nirecord yung transaction 3 sa end of accounting period kahit na unreplenished po siya because we don't want the expenses to be understated??

[@FilipinoAccountingTutorial]

Need natin irecord yung transaction 3 because katulad ng iyong namention na we dont want the expenses to be understated. All Expenses for the accounting period must be recorded. Since expense sya ng 2020, kelangan 2020 rin sya nakarecord. Kaya may reversing entries para mag no effect sa 2021 ang lahat ng expenses ng 2020 na marerecord sa 2021 petty cash replenishment. Hope it helps, jhoevelyn 💜

[@jhoevelynnuelan65]

@@FilipinoAccountingTutorial Okiee po gets ko na po, thanks po for the detailed and patience explanation😊😊😊

[@FilipinoAccountingTutorial]

You're welcome, jhoevelyn. Mag aral nang mabuti 💜

[@chloeleentabuzo3242]

Pano po gagawin kapag ang binigay is "petty cash custodian submitted paid petty cash voucher evidencing payments from December 16 through January 20? Paghahaluin po mga same account like supplies from decmber 16 to jan 20?

[@beaairamartin8700]

Pwede po bang same transaction yung gamitin para sa imprest fund system and fluctuating fund system?

[@gwndbb]

Kuya bale pag nag adjust ka na next accounting period para mazero out ung expenses, Wala ka Ng gagawin don pag nag replenish na? Di iaadd sa expenses ganon? Or sa fluctuating po Yun since Hindi siya nag aadjust? Nalilito po Kasi ako sakanila e

[@selynacuna1616]

yung replenishment po ba nung feb 2020 included pa po ba yung expense na unreplenish nung 2019?

[@somespecies]

About po sa transaction #4. Since sa end ng 2019, ang ginamit na credit ay PCF instead na CIB, saan po papasok yung CIB na 3k na dabat cinredit noong end of 2019? Kasi kung hindi po iyon irerecord, 7k pa rin ang balance ng PCF po diba? Hoping for an answer po, sobrang confused lang ako heheh. Thank you po in advance :)

[@janellamaricruz4864]

Hi may tanong po ako. Paano po pag may cash short/over pero sa date rin na yon, yung fund po ay unreplenished. Ano pong journal entry don?

[@leek2409]

Receivable Financing naman po. Thank you!

[@FilipinoAccountingTutorial]

Hi Leshia! Soon receivables na matatopic dito after macover lahat ng topics relating cash. Thanks!

[@leek2409]

Thank you po!💖

[@leek2409]

Ang galing nyo po mag teach. Made easy eh pang #KindergartenApproach kung sa Hairy Potter pa po 😅😂

[@FilipinoAccountingTutorial]

@@leek2409 Salamat! More topics soon iuupload namin dito.

[@allreal9975]

Adjusting entries for cash fund huhu

[@krissamarielumacang9566]

Cash count po ng pcf thank you

[@laleomanoban2141]

Hello po, paano po kaya pag advances to employees, magiging salaries expense po ba iyon?

[@FilipinoAccountingTutorial]

No, laleo 🙂

[@user-kp7go7zq1p]

What if postage unused po included po ba sya sa replenishment?

[@FilipinoAccountingTutorial]

Kung sa petty cash fund galing isasama 'yan.

[@bellsales8630]

Petty cash voucher ba ginagamit sa pagrecord ng expenses, or my other record pa?

[@caparidanicholeclarisse4092]

Petty cash register daw po

[@sugarcane4031]

hell0 po! what if yung PCF is 20,000 tas after replinishment ang balance is excess po 20 310 pero mayroon pung increase sa fund na 5,000 ano pong gagawin?

[@FilipinoAccountingTutorial]

Hello Sheendavid. It seems, from 20000 magiging 25000 na ang PCF dahil sa increase na 5000. Yung 310 naman need yan ideposit ulit sa bank. Kumbaga debit Cash in bank, credit PCF. Amount 310. Hope it helps.

[@vincedaniellinsao9033]

Sa transaction 4 po, pag reversed po ba automatic na replenish na din? Kasi po sa transaction 5 10k na ulit yung value before madagdagan ulit.

[@listentoexosdontfightthefe702]

Hello po. Sa pagkakaintindi ko po base po sa discussion hindi po automatic na replenish yun. Sa may transaction 5 po kasi di ba po may dalawang transaction po doon which are yung replenishment at increase in PCF. Dun palang po marereplenish yung fund. Inclusive po kasi yung expenses ng 2019 dun sa total expenses na recorded which is okay na lang po since may reversing entry naman po tayo para mazero out din yung expenses ng 2019 na inclusive doon kaya tama pa rin po yung recorded na expenses for 2020 only po. Pansinin din po natin yung balance ng currency and coin on hand di po ba last time 7000 po yun then naging 1k na lang po on the day of replensishment (7k - 6k na expenses for 2020) meaning di pa po talaga narereplenish yung fund. Sana po nakatulong. Pakicorrect po sana ako kung mali po yung pagkakaintindi ko po. Salamat po.

[@shellamonterola5827]

Ask ko lang po ano journal entry pag may cash overage or cash shortage

[@FilipinoAccountingTutorial]

Hello Sheila. Debit sa temporary account na cash short/over if shortage, credit naman if overage.

[@wosie44]

Hello po can I ask what if may cash shortage and overage?

[@FilipinoAccountingTutorial]

Hello Toni! If may shortage or overage, dun muna irecord ang shortage/overage sa temporary account na "cash short or over". Since na sya ay temporary account, need sya iadjust sa other appropriate account once na mafound out yung reason ng cash shortage/overage.

[@wosie44]

@@FilipinoAccountingTutorial Thank you so much! Nakatulong to sa quiz namin kanina

[@FilipinoAccountingTutorial]

@@wosie44 Salamat din! Mabuti nakatulong kahit papaano 😊

[@michaeljohneria8732]

Sir paanu kapag babawasan Yung petty cash fund? What I mean is Yung beginning Balance nya. Kung dati ay 10k gagawin na lang 5k.

[@FilipinoAccountingTutorial]

Hello Michael. Babawasan ang petty cash fund so yung amount na ibabawas sa petty cash fund is idedeposit ulit sa bank account ni company. Entry is Debit CIB Credit PCF Hope it helps ❤️

[@yaesa03]

Hello, Sir. May tanong po ako. Ano na po ang nangyari sa natirang pera nung 2019 na P7,000.00? Kung nagreflect po yung entry ng year end 2019 sa 2020, bakit hindi po reflected sa Journal Sntry yung excess na 7,000? Di po ba may 7,000 pesos na sya. So 15,000 - 7,000 = Php 8,000.00 pesos po dapat yung mareplenished na pera pra sakanya.

[@DirectionerEnhypen]

e T Account mo lang. I mean yung 7K last year tas nong nag 2020 kasi nag reversing entry ka kasi so yung petty cash fund na add ulit yung 3k. So 10K na ulit siya. Kaya nung nag replenish ka 5 k nalang dapat e add para ma 15k. Hope it helps ☺

[@renzobabycakes]

Bakit po sa second transaction cash in bank po yung crinedit hindi po yung petty cash fund?

[@ronchodas02]

Kasi nareplenish na sya thru the expenses, nag-issue ng check for the expenses.

[@bunnywin6437]

Hello! Can i ask naman po what if hindi ka nag reverse entry? Thank you

[@liliacapili6146]

Nasa bandang 16mins po

[@jennifercorpuz8184]

Pas 16 nga po PPE

[@jmmartinez2243]

Flunctuating system po

[@FilipinoAccountingTutorial]

Noted ito

[@ajchannel3781]

Pwedi Po pa help sa assignment ko po