Petty Cash Fund Instructions

IMPORTANT - Please retain this information with your petty cash fund Definition of petty cash: Petty cash is a small cash fund used to reimburse employees for minor or unexpected business related expenses. Establishing a petty cash fund: Prepare a Request for Check form (RFC) made payable to the employee managing the petty cash fund. List the campus department and address in the mail to field. Obtain the proper signature approval on the RFC, and submit it to your Financial Services accounting team. Accounts payable will issue a check in the next scheduled run. Petty cash funds are generally established for amounts between $25.00 and $100.00, depending on departmental needs. Managing a petty cash fund: An employee receiving reimbursement from petty cash must obtain at the time of the purchase a receipt listing the items, amounts and date of the purchase. Submit the receipts with any change due the petty cash fund to the employee managing the fund. Receipts for items that are not regular office supplies, such as food, flowers, gifts or cards, must indicate for whom the department purchased the item and the business purpose of the expense. Receipts for meals must include the names of attendees and the business purpose. Mileage reimbursements must include the number of miles driven, and the date, destination, and business purpose of the trip. Retain all receipts and other documentation with the petty cash fund. The receipts and remaining cash added together must equal the original amount of the petty cash fund. Do not use petty cash to pay individuals or other vendors for services to the Colleges. Payment for these services must be processed through payroll or with a separate RFC to comply with IRS regulations. To prevent thefts, keep the petty cash fund in a secure, locked area that only the fund manager may access. Replenishing a petty cash fund: When the petty cash fund needs replenishing, prepare a Petty Cash Replenishment and an RFC form made payable to the petty cash fund manager, requesting an amount equal to the total of the receipts and a Petty Cash Replenishment Request form. List appropriate expense accounts on the RFC to record the petty cash expenditures. Do not use the petty cash fund advance account number to replenish the petty cash fund. Attach the original receipts and other documentation to the RFC form. Obtain the proper signature approval on the RFC, and submit it to your Financial Services accounting team. Accounts payable will issue a check in the next scheduled run to restore the petty cash fund to its original amount. Please plan ahead, as interim checks are not available to reimburse petty cash funds.

Closing a petty cash fund: Whenever a personnel change results in a new manager for an existing department petty cash fund, the department must close the fund and then reopen it in the new managers name. Your Financial Services accounting team may also need to request a department to turn in a petty cash fund for the year end close. If there is a cash balance in the fund, complete a cash receipts transmittal form, and submit it in person to the cashiers at Financial Services. Do not send cash through campus mail. Attach the original receipts and other documentation to the cash receipt form. Please use a separate sheet to list the appropriate expense accounts for the petty cash expenditures, or use a petty cash expense form if required at your College. Leave the account number field blank on the cash receipt form. The cashiers will issue you a receipt for the cash submitted, and forward the documentation to your Financial Services accounting team. If the petty cash fund is completely expended, submit a list to your Financial Services accounting team with the name of the petty cash fund manager, the appropriate expense accounts and amounts to charge to each, and the total amount of the petty cash fund, or use a petty cash expense form if required at your College. Attach the original receipts and other documentation. If you have any questions regarding these guidelines, please contact your Financial Services accounting team. Thank you for your cooperation in following these procedures.

PETTY CASH REPLENISHMENT REQUEST FORM PETTY CASH RECONCILIATION *FUND TOTAL $ DEPARTMENT: DATE:

Cash On Hand Currency Bills: $20 $10 $5 $2 $1 Coin $1 $0.50 $0.25 $0.10 $0.05 $0.01 TOTAL CASH SUMMARY Total Cash Total Petty Cash Receipts *Total Amount Overage Shortage # of Bills Amount -

Reconciled From Receipts/Expenditures Date Account Number

To

Amount

TOTAL PETTY CASH RECEIPTS:

Prepared by:_________________________________ Extension: _________________

Approved by: ______________________________________

Closing petty cash fund issued to: _________________________________________ Expense Account Numbers Amounts

________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ ________________________________________ Total Expenses: Total of original petty cash fund issued: Cash balance of petty cash fund:

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