The amount of the petty cash fund is established at the time the fund is approved. These funds cannot be used for the payment of salaries, wages, to cash cheques or to grant loans. File type: DOCX; Size: 166.16 KB; Download (6 pages, 586 words). Petty cash funds provide cash to units and departments to cover minor expenses, such as reimbursement of staff members and visitors for small expenses like such as taxi fares, postage, and office supplies. 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The Controller audits the cash box, petty cash journal, and all petty cash transactions paperwork submitted to resolve any discrepancies found. 10,752. Where a petty cash custodian will be absent for a period, or has changed responsibilities, the Petty Cash Handover/Takeover Form must be completed. To expedite the purchase of low value items, Administrative Staff are authorized to maintain a petty cash fund. Keep the petty cash fund in a locked storage (e.g., drawer or secure lock box). The Petty Cash custodian must enter their name, signature, and date. Complete spreadsheet – one row per receipt 2. The Petty Cash tin is kept with the Petty Cash Log in the Clerks office (access controlled to the tin for the Clerk only) within a secure (locked) drawer for which the Clerk holds the key. Topics include securing, creating, payments and vouchers, reimbursing, transferring and closing a petty cash account. G.20.10.03 Handover/Takeover Procedure. fund that is used for business operations like in giving change or in business travels Source numbers ending with 5, 6, or 7  Expenses above $1,000 charged to a restricted account with a source number ending in 5, 6, or 7 must be approved by Grant and Contract Accounting, located at 25 Buick Street before the fund can be reimbursed by the Cashier’s Office. To ensure your petty cash is appropriately used, perform periodic audits. Complete a voucher request with the requested dollar amount filled in. Example Of Petty Cash Procedures For Accounting Manual Make the amount of petty cash funds available as small as possible. Before the petty cash fund can be replenished, the person writing the check to the petty cash fund should agree all vouchers and cash on hand to the total petty cash fund. Petty cash tends to absorb disproportionate time and cause trouble. This procedure applies to all employees of the company. A series of minimal cash purchases may not be made in order to avoid regular established purchasing procedures. PETTY CASH POLICIES AND PROCEDURES Do not use Petty cash for: Travel expenses Consulting or professional services Awards Contracts Steps to take for Petty Cash Reimbursement A reimbursement form from petty cash requires the submission of a petty cash voucher from the Business Office. Choose an appropriate float amount; this will vary from business to business; most companies keep £100. 6. 7. 2. Overview Whenever possible, University Corporate Cards should be used for all work related … Petty Cash Fund Procedures. 75-3054 K.S.A. Petty Cash – A petty cash fund is cash loaned for the purpose of making small purchases where it is not reasonable to make a disbursement by check and purchases are impractical or unavailable through Procurement and Disbursements (One Card or expense reimbursement). 7.5.5 Receipt of money from the payments cash book will be entered and a reference to the cheque number will be made. Procedures will need to be put in place and ensure that staff are made aware of them. Proper documentation is … The five (5) digit object code is 22900 – Petty Cash Advances (Field 7) and the recipient of the cash is Jamil Besmillah who is the petty cash fund Custodian (Field 8). POLICY AND PROCEDURE MANUAL: Filing No. Without audits, petty cash funds may be prone to misuse or poor management. The Cashier maintains control of the cash box, petty cash journal, and all petty cash transactions. The procedure on handover is – 1. To facilitate minor business expenses, a petty cash fund will be available to employees. Count cash and vouchers before transferring petty cash responsibilities to the back-up person. The majority of petty cash funds are established to enable departments to make small, emergency purchases where a purchase order is not cost effective or a purchasing card cannot be used. The Schools Financial Procedures Manual provides maintained schools with guidance on a range of financial management processes that are set out as individual sections within the manual. (adsbygoogle = window.adsbygoogle || []).push({}); Quality Assurance Policy Statement and Procedures, Copyright ©1999-2020 Bizmanualz, Inc. All Rights Reserved |, Free Sample Policies and Procedures Template, ISO 9001:2015 Classes | Internal Auditor Training | Virtual, ISO 9001:2015 Classes | Lead Auditor Training St Louis MO, ISO 9000 Help | Lean Consulting Training St Louis MO, ISO Writer | Writing Policies and Procedures Training Class, Be the first to review “Petty Cash Procedure | CSH108”. Business owners may designate an accounting employee to handle the petty cash. This amount will need to be withdrawn from the bank. The petty cash facility is to be used for the purchase of items for patient monies and sundry items of an intrinsic value to support operational activities of the Trust, e.g. 8. PURPOSE . The date of reimbursement, cost center name and number, employee name, dollar amount of … If you do … 9. Most small businesses maintain a small cash box for petty cash purposes. The Cashier will maintain control of the cash box, Petty Cash Journal, and all petty cash transactions. 3. This involves summarizing all disbursements made and issuing cash back to the fund for that amount. Administrative amendments 12 May 2015; 23 June 2020 1. All petty cash expenditures will appear on the monthly budget statements, as charges to the applicable account number and natural account, with the name of the Purchasing Manager used as the description. This procedure applies to all employees of the company. 1.2 Purpose of this Manual a) The key purpose of designing this accounting policies and procedures manual is to provide guidelines to all staff at INDEPTH Network, particularly the Finance and Accounting staff for the orderly execution of their respective responsibilities for the purpose of preparing the Secretariat’s financial statements. Petty Cash is usually the mechanism of last resort to access cash for payments, when other disbursement methods are impractical or cannot be used. Your email address will not be published. Business owners recognize the need for petty cash because small financial expenditures often arise in business. What is an Example of Process Improvement in the Home. Put the money in the box and record your transaction in either a book or in an Excel template. Save my name, email, and website in this browser for the next time I comment. To facilitate minor business expenses, a petty cash fund will be available to employees. There is a limit of £30 per transaction and under no 1. batteries, bus tickets etc. When cash is added to a petty cash fund, the basic concept is to replace the amount of any cash that had previously been disbursed from the fund. Fund in a locked box and record your transaction in either a book or in an Excel.! Disbursement and reimbursement of petty cash funds may be made from the payments cash book will be made order. Need to be put in place and ensure that Staff are authorized to maintain a amount... 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