Oversight of petty cash is important because of the potential for abuse. Examples of petty cash controls include a limit on disbursements and monthly audits by someone other than the custodian.[3] Use of petty cash is sufficiently widespread that vouchers for use in reimbursement are available at any office supply store.
Your journal entries where you track the petty cash expenditures should Debit (increase) the appropriate expense account and Credit (reduce) your petty cash account. The job should only be applied to the Expense account line on the journal entry.
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I was an accountant for a small company. We had a petty cash account. To set it up, we wrote a check for $100 to cash and posted it to the Petty Cash account. Credit- Main Bank acct, Debit- Petty cash.
We put the $100 in a metal box. Each time cash was removed, a receipt was placed in the box. When we ran out of money, we grouped the receipts by the type of expense. Meals, gas, office supplies etc. We now wrote another check from the main account to replace the funds n petty cash but listed the charges to the expense accounts. This is where you can job cost the expenses.
I don't recommend using "Write Checks" I always use "Pay Bill" because it allows for a description and as you write in the amounts, it will total the check for you. If you turn on two-line display you can see the posting information to. (Item ID if you are using one, GL Account name and Job Name)
Also, I create a 9999-00 account in my GL. I use this as the default for all credit card vendors and in this instance Cash. It forces you to choose the correct expense account and if you don't, you will see the amount it in the "To be deterninded" account. That account should be Zero unless you have a question about a charge and you want to check with your accountant.
If petty cash is being charged to a trust account, the availability of funds must be certified and the form signed by a Trust Fund Accountant before the Bursar's staff will honor the request.
Please submit all requests promptly. Receipts dated more than three months prior to the Request for Reimbursement will not be accepted. Written justification for the purchase must be included with the request.
Petty cash funds are requested by departments for use as a change fund (used to make change for business sales transactions) or as a disbursement fund (for payments to participants in research projects) or as a purchase fund (to purchase items that are not available through normal purchase channels). Petty cash funds are established through the Office of the University Bursar (OUB) by completing a petty cash request form.
The person requesting the petty cash fund is referred to as the fund custodian and must be a Virginia Tech faculty member, classified staff employee, or a graduate assistant participating in a research project. Both the fund custodian and the department head are responsible for the proper use of the fund and for the repayment of the fund.
Request forms should be submitted to The Office of the University Bursar (OUB) 7 -10 days prior to the date the fund is needed. OUB reserves the right to deny requests based on the purpose/justification for the request, unauthorized department approval, the amount of the fund, the planned safeguarding of the fund, or any past due, outstanding petty cash balances owed in the fund custodians name, or any past due balances owed the University by the fund custodian. If a request is denied for any reason, a representative from the Office of the University Bursar will notify the individual requesting the fund. Once the University Bursar approves the request, it is sent to the University Controller's Office for a check to be issued to the fund custodian. The check may be picked up at the Customer Service Windows of the Office of the University Bursar. Petty cash checks must be picked up by the fund custodian. The fund custodian must present pictured identification to the customer service representative.
The Customer Service area in OUB is not authorized to cash checks of any type. Therefore, the fund custodian must cash the petty cash check at a bank. The fund custodian is responsible for the safeguarding of the funds. If the amount requested exceeds $500, the Funds Handling Guidelines and Procedures require the funds be kept in a departmental locked safe. Petty cash disbursement funds $2,000 and more require that a checking account be established by OUB to safeguard the funds. If a checking account is required and has been opened, the custodian will be notified by an OUB staff member that the funds have been deposited in the bank account and are available to disburse.
Funds are subject for review or audit by authorized University Officials at anytime. When a department has a fund custodian leave or change responsibilities, the petty cash funds must be transferred to a new custodian. The department must complete and return to the University Bursar a Petty Cash Fund Change of Custodian Form. The approver on this form must have signature authority on the Banner fund or grant in order to approve this form.
It is often necessary for the department to request an increase in the amount of the funds held for the change fund and for disbursement funds, additional funds are often needed to continue to pay subjects. These additional funds must be requested by completing the Petty Cash Form and the custodian must note that the amount requested is an additional amount to increase the current funds held.
As of Nov. 2, our petty cash reimbursement process is now fully online. This change eliminates the need for paper forms and streamlines the submission workflow. The all digital form is conveniently accessible from any device, allows receipts to be uploaded directly to the form and permits faster processing overall, among other benefits.
Petty cash funds reimburse employees or students for minor, out-of-pocket expenses incurred on behalf of Tufts. Instructions for submitting petty cash reimbursement requests for students and faculty/staff members are included below, as well as instructions to approve student reimbursement requests for department administrators.
Petty cash reimbursements cannot exceed $50. Any reimbursements above $50 should be processed via a Business Expense Form. All petty cash reimbursements must follow the Travel and Business Expense Guidelines. All reimbursements will be provided electronically; the Bursar's Office will no longer provide cash for reimbursements.
Per University business expense/travel policy, users of this system will be able to submit and/or approve travel and business expense reimbursements. Additional approvers may be required at the department's discretion based on your school's or division's "ad hoc" approval rules.
Please visit the Apptricity User Guide for step-by-step instructions. Training for e-Expense is available through the Tufts Learning Center. Tutorials are also available through AccessTufts. Please contact Tufts Support Services (tss@tufts.edu or 617-627-7000) for any questions related to faculty and staff expense reimbursements.
This policy establishes the proper uses and administration of petty cash funds. When other disbursement methods cannot be used, petty cash funds can provide cash to local units to cover minor expenses, such as reimbursement of staff members and visitors for small expenses such as taxi fares, postage, office supplies, generally not to exceed $50; petty cash may also be used for human subject payments of $100 or less. The University requires each petty cash fund to have an approved Custodian, who documents expenditures, keeps receipts, and safeguards the funds. Wherever possible, local units should use other disbursement methods (i.e., HCOM, PCard) instead of petty cash.
Tub financial deans or equivalent tub financial officers (or designees) are responsible for ensuring that local units abide by this policy and the accompanying procedures, and for approving Petty Cash Action Forms.
Tubs are responsible for approving payment requests submitted to fund new petty cash accounts before the request is routed to Central Administration for final approval. In some tubs, these duties are performed at the Tub Finance Office and in others at the departments. Contact your Tub Finance Office for guidance.
Local units are responsible for deciding to establish a petty cash account and choosing a Custodian, weighing the relative risks and benefits involved. Units are responsible for collecting any required information and for completing and submitting all required forms, for ensuring that Custodians are performing their duties, and for collecting any unused funds from Custodians.
Petty Cash Custodians are responsible for ensuring that petty cash expenses are appropriate and in accordance with University and local policies, disbursing cash from a petty cash account, documenting expenditures and keeping receipts, reconciling the account quarterly (monthly, if sponsored funds are used), replenishing the account, and generally safeguarding the cash.
3/1/2016: Added guidance for when to use a Petty Cash Account for human subject payments versus when to use a Short-Term Operating Advance (STOA); created Petty Cash Action Form; lowered recommended operating account balance to $500; transferred responsibility for funding new accounts and closing accounts to the tubs, updated procedures; added Appendix A: Detailed Procedures for Petty Cash Funds, Appendix B: Petty Cash Action Form, and Appendix C: Petty Cash Reconciliation and Replenishment Form
The Business Office may allow some approved student organizations to withdraw a small amount of cash that they can use to make approved purchases. All petty cash transactions are subject to the discretion of the Business Office. Petty cash should only be used when there are no other available purchasing options. 152ee80cbc
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