Petty Cash: What It Is, How to Set It Up, and How to Account for It
Warren Team
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Key terms
- Cash FlowThe net amount of cash moving in and out of your accounts. Positive cash flow means you're earning more than you're spending, while negative cash flow indicates you're spending more than you earn.
- Health Savings Account (HSA)A tax-advantaged account for individuals with high-deductible health plans to save for medical expenses. Contributions are tax-deductible, and withdrawals for qualified expenses are tax-free.
- IRA (Individual Retirement Account)A tax-advantaged retirement savings account that individuals can open independently. Traditional IRAs offer tax-deductible contributions, while Roth IRAs offer tax-free withdrawals in retirement.
- Joint AccountA bank or investment account owned by two or more people, where each owner has full access to funds. Common for married couples but comes with shared liability.
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