To ensure reconciliation of petty cash to allow offices to maintain petty cash onsite for client and employee purchases and track purchases to ensure finance compliance.
- 100% of petty cash will be accounted for each month
- Each site must be equipped with a lockable cash box. This can be purchased at any office store.
- One person per site must be designated as the custodian of the cash – this is typically the Administrator, but may be another designee as directed by the Administrator. This must be communicated to the accounts payable department via email.
- The custodian of the cash will issued a check for $200.00. The custodian must take the check, cash it, and put the money in the box. It is recommended the custodian request a g variety of different denominations of cash.
- When money is used, the custodian will put the receipt in the lockable cash box.
- The custodian must then complete the “Cash on Hand Register”
- At the end of each month, the custodian will send the completed register and associated receipts to manager for approval. If the box must be replenished sooner than monthly, custodian may send completed register and receipts to manager sooner for replenishing.
- Manager must review transactions and approve. Once approved, manager will scan information to assigned Accountant
- Accountant will issue check to custodian in the amount needed to replenish it its approved amount ($200.00)