Funds must be completely reconciled and accounted for before the Controller’s Office will approve any changes. It should be read in conjunction with the Associations’ Expenses Policy. Petty cash funds are for the purpose of infrequent or emergency departmental purchases. 7.1.4 of this policy, 1.5. For business owners who are still using the petty cash system find this system convenient, efficient and smart since there are low dollar expenses that could be purchased and transacted in or for the workplace on a daily basis and if your business. Preparing for this does not mean you do not trust your employees; it’s just a method of precaution. The requester shall complete the Petty Cash Reimbursement Request, making sure to complete the following fields: pay to, date, prepared by, and department/division. All petty cash activity is recorded in a petty cash journal and the petty cash journal and remaining cash balance is struck to allow replenishment, as required 1.7. Petty Cash Procedures: 1. 1. All petty cash reimbursements require original receipts. According to this policy, a petty cash fund should be utilized for minor business expenses. endobj FUNDS 1.1 A petty cash system was authorised by Council in 2018 and started use on 11 December 2018 Other methods of payment, for example, cabcharge dockets, credit cards, or direct re-imbursement through Oracle i-expenses must be considered and used where possible. The purpose of petty cash policies is to provide you and your employee’s step-by-step guidelines in establishing, managing, and administering the use of the petty cash fund. %���� The intent is to simplify the reimbursement of staff members and visitors for small expenses that generally do not exceed $25.00, such as taxi fares, postage, office supplies, etc. 3) Obtain petty cash funds for the equivalent amount of the petty cash voucher. At some point, the petty cash system has been deemed as inefficient since it is not a feasible option when employees would have to make transactions and purchases that come with a big price tag. Example Cash Handling Policy Purpose: To ensure control and safekeeping of business cash assets. 3.6 Petty Cash Management 10 3.7 Cash in Safe 12 3.8 Receipts 12 3.9 Investment Management 13 3.10 Prepayments 14 3.11 Foreign Exchange Exposure Management 14 . Through the use of petty cash policies, petty cash funds are used effectively and efficiently. Disburse funds only for minor business expenses. Petty cash replenishment of $300 or more is processed on a Cash Request Form found on the Cashier's Office website. Policy Statement. A cash box is used to keep monies and disbursement dockets secure. � �D��Z?��Al�]6H� ��h"?��%E��wk��1��|8HB�_��_[-:�m> ��Z:_��'�WW}���I���:��o��_` =B����z�+�~�5:�P@¯��1���_c��%������ZP;ȯ�:�G ��j��_�ȯ��bzA�M¯�Z�V,��jzJ�$��e�`��k,F#B�����A�Ԏ��Xt��^@¯�h�0�U��5�+�ͯ��XR;�_cQ����������_c�"�K��X�L�#��_c���`r�%Vi+����+�B)b��$ï�J���=��_a#9��ʃ$� Before an imprest/petty cash float is set up it must be authorised by a Head of Service and Here are a few tips on how to do petty cash documentation so you can properly manage the funds and the expenses well. This policy is intended to provide information regarding: A) cash limitations, B) prohibited purchases using petty . <> Few examples of what could be bought with a petty cash fund are that it could be used to buy coffee refills for the office’s coffeemaker, to pay for parking fees in a corporate building, or to pay for terminal fees on boat and plane rides during business travels. 1) Obtain approval from department manager or supervisor. To facilitate minor business expenses, a petty cash fund will be available to employees. This is when the role of petty cash policies comes into play. �� � �" �� ��? 뽰?H�7�|�� endstream These funds should be used only when cash is the most cost efficient method of payment. Petty cash book is a type of cash book that is used to record minor regular expenditures such as office teas, bus fares, fuel, newspapers, cleaning, pins, and causal labor etc. If a disbursement request falls within the petty cash disbursement guidelines, unlock the container in which petty cash … cash funds, C) allowable purchases, and D) receipt requirements. The cash box is held within a locked safe, or other secure location, when not in use. The Petty Cash Fund (PCF) is used to cover small expenses i.e., purchases that involves petty amount of money for the day to day operation of an office. stream There will really come a time that the employee would have to use his personal money in case the petty cash fund would not anymore be enough for the purchases and transaction he or she is ordered to make. Using a petty cash system is convenient for some business owners and their employees so that they do not have to make lengthy requests or use the company’s debit or credit card for just the purpose of just buying bond paper refills. The Petty Cash Procedure helps outline the disbursement and reimbursement of petty cash. 3 !1AQa"q�2���B#$R�b34r��C%�S���cs5���&D�TdE£t6�U�e���u��F'���������������Vfv��������7GWgw�������� 5 !1AQaq"2����B#�R��3$b�r��CScs4�%���&5��D�T�dEU6te����u��F���������������Vfv��������'7GWgw������� ? 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