Policy on Petty Cash Reimbursement
Petty Cash Disbursement Log Form
Cash Funds Background
departments have petty cash funds at their disposal. These funds are to be used for what would be small
out-of-pocket expenses or as quick-ready cash for the department needs.
Departments are required to request and justify the request of the
establishment of a petty cash fund. The
request for a new fund or an increase of an existing fund would be
directed to the Controller of the University.
A member of the department will be named custodian of the petty
cash fund. The department is not charged for the establishment of a fund,
the University will setup the petty cash fund as a University asset.
However, the department will be charged for the reimbursements to
arrangements should be made in the department for the cash box and its
related documentation. At any
point in time the Petty Cash Custodian should be able to account for the
full value of the fund. "Accounting
for the petty cash fund" means that there should be cash and/or
receipts/documentation totaling the value of the fund.
When the cash becomes low, a voucher is processed to bring the cash
value of the fund back up to its maximum, by charging the appropriate
departmental account/object codes.
Basics of Reimbursement
regular Accounts Payable Voucher is used to request the reimbursement of
the petty cash fund. Backup
for this voucher should include the petty cash voucher form (see copy of
the form below) and any documentation that justify the funds requested.
The regular policies and procedures that cover Accounts Payable
Vouchers is in effect for Petty Cash Reimbursement.
The Petty Cash reimbursement is made payable to the Departmental
Custodian only. The custodian
is responsible for cashing the University reimbursement check and
replenishing the departmental cash box.
receipts/documentation should be put into an envelope and attached to the
petty cash voucher (which is then attached to the Accounts Payable
Voucher). The Controller's
Office is in the process of designing an all encompassing Petty Cash -
Accounts Payable Voucher and will distribute the form when it is ready.