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Establishing a Petty Cash Fund - controller iastate

Establishing a Petty Cash Fund - controller iastate 2025

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The document is a debit memo dated August 21, 2009, requesting $300 to compensate 60 research participants at $5.00 each for interpreting ink blots. It outlines the need for cash by September 1 and includes details about the petty cash custodian, repayment account, and necessary approvals for disbursement.

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Who establishes the petty cash fund?

A department head designates an individual to administer the petty cash fund and initiates the request for a petty cash fund. The Office of the Treasurer (OOT) establishes funds, oversees custodians and tracks reconciliations.

Which department is responsible for petty cash?

The Petty Cash Management Officer works in the Finance department and is responsible for Petty Cash Management at Central Services. The incumbent is also responsible for maintaining financial records and the preparation of financial reports and spreadsheets.

How is a petty cash fund established?

A petty cash fund can be established by submitting a purchase requisition to the Controllers Office for approval. The requisition should include a justification for the fund, the name of the fund custodian, the location of the fund, and the amount of the fund.

Who prepares a petty cash voucher?

When disbursing cash from the fund, the petty cash custodian prepares a petty cash voucher, which should be signed by the person receiving the funds. A petty cash voucher is a document or form that shows the amount of and reason for a petty cash disbursement.

What are the gaap rules for petty cash?

The following are the GAAP rules for petty cash: Establish a petty cash fund. Assign a custodian. Record transactions. Replenish the fund. Review and audit.

Who is responsible for the petty cash fund?

Each petty cash fund is the responsibility of primarily one employee called the Custodian of the fund. There may be only one Custodian per petty cash fund. The Custodian is personally responsible for the value of the fund and to ensure that all policies and procedures are adhered to.

How do you set up a petty cash management system?

How to set up a petty cash management system Determine the fund amount. Designate a petty cash custodian. Create a petty cash policy. Choose a secure location. Establish a replenishment process. Create petty cash receipts. Set up accounting procedures. Train employees.

Establishing a Petty Cash Fund - controller iastate 2025

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