Level 3

Petty Cash Account Issues

Attempted to reconcile the petty cash account today but I found it has never actually been reconciled. It has transactions entered back to 2013, and the last payment to the account was in June 2018. When I clicked on Mark All and unclicked that last deposit, it actually reconciled.

 

I didn't click Reconcile Now, but is that what I should do? And then, how do I handle it from there? There are no entries since that June 2018 deposit. The current amount of petty cash available is much less than that deposit, but there are no records of how the funds were spent.

 

I came on board in January and have been keeping track of the account, but how do I reconcile with that 8 month gap? If I reconcile the old transactions (2013-2018), the new beginning balance would be equal to the deposit in June 2018. Would I then show the current petty cash balance as the ending balance? And how do I account for the complete lack of information as to how the funds were spent?

As always, would appreciate any advice. And thanks for your patience...