A. Reporting irregularities 8. To expedite the purchase of low value items, Administrative Staff are authorized to maintain a petty cash fund. Specifically, these funds may be used only for payment of minor …

It is when money is withdrawn from the bank account and used to purchase sundry small items. If you have a one-person, home-based business, you may only need $100 in your petty cash fund. 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. C. In the event of theft, the Custodian should notify his/her immediate superior as well as the University Police.

This involves summarizing all disbursements made and issuing cash back to the fund for that amount. The procedure for petty cash funding is outlined below:. PETTY CASH PROCEDURES .

Petty cash management software provides an automated and controlled means for managing petty cash accounts, and reduces the risk associated with these funds. PETTY CASH PROCEDURES INTRODUCTION. Applying for a petty cash float 2. the Current Assets Management Review Petty Cash Policy: PURPOSE This policy defines the policies and procedures to be followed when starting, administering and ending the use of petty cash funds for small incidental cash purchases by employees for an amount up to $100. Businesses that maintain petty cash to pay for small, on-demand necessities should implement proper petty cash audit testing procedures to ensure that employees use petty cash for appropriate reasons and properly account for the petty cash as used.

Cash management (may be a part of treasury operations) includes management of an enterprise’s cash holdings. Most small businesses use a petty cash system. OVERVIEW DEFINITIONS PROCEDURES 1. B. It provides standardized templates to ensure that petty cash funds are managed consistently across the organization. Fund Petty Cash. Procedures should be put in place so that employees know how they can use cash to pay for small items. Using petty cash 3.1. 2. Establish the petty cash fund on the accounting records of the company. Whenever possible, an individual who does not have access to the petty cash should be the person responsible for auditing petty cash. Closing a petty cash float 7. Businesses that maintain petty cash to pay for small, on-demand necessities should implement proper petty cash audit testing procedures to ensure that employees use petty cash for appropriate reasons and properly account for the petty cash as used. Safeguard the cash. Cash and petty cash accounts are both asset accounts. CASH MANAGEMENT REVIEW AND REPORTING REQUIREMENTS .

Start a petty cash fund by writing a check drawn on your company to "Petty Cash." PETTY CASH PROCEDURES INTRODUCTION. Administration A detailed analysis of petty cash expenditure for each month, including supporting receipts, must be returned to the Finance Office by the 5th of the following month. Replenishing petty cash float 5. Larger organizations often employ accounting clerks to work in accounts … These funds are maintained at minimum levels in order to discourage theft and should not exceed the amount necessary to settle small accounts over a one month period. Keep petty cash funds in a secure area such as a locked drawer or small safe. Some form of proof of purchase should accompany all disbursements from petty cash, and a full Financial Code (budget code and expense code) must be provided to the issuer of the petty cash. Restrictions on use of petty cash 4. Cash the check. CHAPTER 9. Petty cash funds should not be comingled with other funds. CASH MANAGEMENT POLICIES AND PROCEDURES HANDBOOK .

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