As we discussed, Petty Cash is a small amount of cash on hand that is used for paying small amounts owed, rather than writing a cheque or issuing a bank transfer.
Petty cash is generally used by employees for the day-to-day expenses such as motos, supplies, and other small value purchases.
Petty cash is maintained by one employee (assignment of responsibility), referred to as a petty cash custodian.
This could be one of your key responsibilities as a junior accountant.