Petty cash may only be used for payments to Human Research Subjects and related expenditures only from funds set up specifically for that purpose and for which confidentiality is essential. Special care must be taken to protect such funds from theft or misuse. The processing of your application will be delayed if any required items are missing. If the petty cash fund is short, a debit is entered to represent a loss. A petty cash receipt will have a signature line for the person receiving a disbursement from the fund. There might be a petty cash fund, which can be a drawer or box, in each department for larger corporations. The replenishment must be by voucher with the … Most often this is for office supplies or other small expenses. A petty cash fund can be used for office supplies, cards for customers, flowers, paying for a catered lunch for employees, or reimbursing employees for expenses. The establishment of a petty cash system begins by making out a check to cash, cashing it, and placing the cash in a petty cash box: Petty Cash cannot be used for salaries or wages, travel advances, items prohibited by University policy, or for cashing personal checks. The petty cash fund, which originally contained the imprest fund of 100 in cash, now contains two petty cash vouchers for a total of 65, and the remaining cash held of 35. Alternatively, the cashier could simply count out the cash for the petty cash fund, if there are enough bills and coins on the premises. From the Transfer Funds From drop down list, select the bank account that the funds … Select a petty cash custodian and petty cash cashie… Many companies employ strict internal controls to manage the fund. If you cash an employee paycheck out of petty cash, run the pay check … All disbursements from the fund must have proper back-up and supporting vouchers (i.e. See Establishing a New Petty Cash Custodian above. Petty cash and change funds should not be deposited into a bank account, including the personal bank account of the petty cash custodian. If the remaining balance is more than what it should be, there is an overage. Employees hired on or after March 13, 2017 complete a background check as part of the pre-employment process. The voucher along with the supporting documentation is forwarded to the treasurer's office for approval . Although there can be minor variances, when unbalanced, the source of the discrepancy should be identified and corrected. Examples include postage due, reimbursement to employees for small purchases of office supplies, and numerous similar items. Petty cash may be used only for payments to Human Research subjects and related expenditures only from funds set up specifically for that purpose and for which confidentiality is essential. Example: Must show the total amount requested or the sum of the fund increase. Petty cash funds should be used for the splitting of "first" checks received for workers' compensation. Petty cash, as the name implies, is for small expenditures that are most conveniently made using cash. In such transactions, the use of checks is time consuming, costly or illogical. Austin Co. established a petty cash fund by Issuing a check for $300 and appointing Steve Mack as petty cash custodian. Change funds are used by cash handling stations to provide coin and currency in order to make change during the process of receipting and disbursing monies. The receipts and petty cash reconciliation sheet go to the bookkeeper for entry into the accounting system. The Petty Cash Fund Procedure has been created to provide guidelines for the appropriate establishment, use, and accountability of such funds. The amount of petty cash will vary by company and may be in the range of $30 to $300. Measure ad performance. Make sure to audit regularly. The establishment of a petty cash system begins by making out a check to cash, cashing it, and placing the cash in a petty cash box: At this time, the total of all of the receipts is calculated to ensure that it matches the disbursed funds from the petty cash drawer. Pick a dollar amount you think will cover small office expenses for a month or so. Choose Transfer. 6. Mack had vouchers for the following petty cash payments during the month Stamps Miscellaneous Items Employee supper money Taxi fare Window-washing service $ 62 28 70 50 75 There was $21 of currency in the petty cash box at the time it was replenished. For Petty Cash Account 10135: PC Decrease/Custodian Name, Attach the deposit slip as the journal supporting documentation, Submit the form along with supporting documentation to the Cash & Controls Team at, Deposit any remaining cash at the Bank of America Main Depository Account.

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