KUWAIT CITY, Aug 26: The Ministry of Finance recently issued a directive to immediately settle petty cash transactions by deducting the amount from the salary of the concerned employee as part of continuous efforts to address the issue, reports Al-Rai daily quoting sources.
Sources explained there are two types of petty cash – one is temporary which is spent for a certain purpose, indicating this type of petty cash is settled as soon as the purpose is accomplished.
The second type is permanent which is intended for a range of public disbursements. This type of petty cash is refunded by the relevant financial unit once the concerned employee presents a report detailing the amount spent and reasons for spending the money.
Sources pointed out the ministry took this step to address all the comments in the reports of monitoring authorities in a bid to settle petty cash transactions – whether temporary or permanent, which were not settled until the end of the last fiscal year.
Source: Arab Times