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To define the process for establishing petty cash funds and change funds

To define the process for establishing petty cash funds and change funds 2025

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The document outlines the Petty Cash and Change Funds Policy #5.11 for university personnel, detailing the procedures for establishing, managing, and reimbursing petty cash and change funds. It emphasizes the limited use of petty cash, specifies allowable and prohibited expenses, and provides guidelines for fund custodianship, balancing funds, handling shortages or overages, and conducting audits. The policy aims to ensure proper financial management and accountability within university departments.

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What is the procedure to establish a petty cash fund?

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.

What is the petty cash procedure?

The petty cash custodian (the person managing the fund) lists the amount of cash on hand, vouchers, and any overages. Petty cash vouchers are receipts that show the amount, date, and purpose of each expenditure. The accounting staff reviews the form, approves it, and sends it to the accounts payable team.

What is petty cash and change funds?

A petty cash or change fund is money advanced to a department, issued in the name of an employee, designated as the fund custodian.

How do you set up a petty cash fund?

Establishing a petty cash fund Select a petty cash custodian and petty cash cashier. Determine the amount for the petty cash fund. Decide what petty cash funds can be used for. Choose a maximum amount for petty cash requests.

What does creating the petty cash fund require?

Establishing a Petty Cash Fund Complete a Petty Cash Account Certification Form. This form identifies the type of petty cash account requested and other necessary information such as custodian, requested amount, and departmental account number. Forward the certification form to Financial Services.

What are the 7 steps in setting up your petty cash fund?

Here are 7 steps to managing your petty cash effectively: Establishing clear policies and procedures. Getting started right. Designating a petty cash custodian. Documenting petty cash transactions. Understanding petty cash accounting. Regular reconciliation and audits.

To define the process for establishing petty cash funds and change funds 2025

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