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Departmental Responsibilities
• Determine the required amount of petty cash.
• Designate the petty cash fund custodian, and the alternate custodian during lengthy absences (e.g. vacation, sick leave etc.)
• Implement appropriate financial controls over expenditures (see below)
• Maintain the security of the cash.
• Use the petty cash fund in accordance with these guidelines
• Monitor and replenish petty cash fund to avoid shortages and record expenses within the fiscal period in which they
were incurred
• Close and return petty cash funds, for example, when there is a change in custodian, or when the petty cash fund is no longer required.

Financial Services Department Responsibilities
• Process the approved request to establish or close a petty cash fund.
• Input data to update the accounting records.

Financial Controls
• Keep petty cash locked in a metal cash box.
• A petty cash voucher is recommended for all disbursements because it accommodates the collection of required information, including:
o date
o amount
o purpose
o account to be charged
o name of person who disbursed the petty cash
o signature of person receiving the petty cash.

• Each petty cash voucher should be supported by original receipts, where possible. Where this is not possible/practical, this should be indicated on the voucher.
• Petty cash and receipts are counted at least monthly by someone other than the custodian.
• Cash custody, transaction recording and reconciliation to FIS statements are performed by different personnel.
• Report cash shortages or excess cash immediately to the department head or person with authority over the fund.
• Report thefts and/or attempted thefts to the University Police immediately - St. George campus, Mississauga campus,
Scarborough campus.
• Do not mix departmental revenues or deposits with the petty cash fund. The petty cash fund should never be replenished or supplemented other than through the Replenish a Petty Cash Fund process.

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