Accounts Payable

Petty Cash

For reimbursements under $10 (i.e. parking fees), petty cash is available in Accounts Payable. Bring a petty cash voucher with supervisor approval and brief explanation of charge(s) with the original receipt to the Accounts Payable office. Also include the General Ledger account number to be charged.

Petty Cash Policy

If approved by the Controller, a department is allowed to maintain a small amount of petty cash to pay minor expenses that do not necessitate a check. Once the>petty cash fund is approved, an initial cash disbursement is made to the department. There should be no other college cash maintained other than the approved petty cash. The amount of petty cash authorized will be an agreed upon (imprest) amount between the Controller and Department head.

Safeguarding of Petty Cash

Cash should be under the control of one designated person in the department. That person is responsible for securing the cash safely under lock and key at all times. A small lockable cash box is the preferable storage device with the cashbox locked at night in a safe or other secure area. Minimum security is a locked file cabinet or desk drawer.

Control and Disbursements from Petty Cash

The petty cash fund should be maintained at the imprest level at all times, that is, the total of cash plus approved receipts should equal the authorized or imprest amount. For example, if your imprest balance is $100, the total of cash and receipts at any given time should be exactly $100. The designated person is responsible for maintaining the balance at the imprest level. Disbursements should be supported by receipts. Petty cash is subject to audit at any time by the Controller or designee.

Replenishment of Petty Cash

When the cash balance gets low (an amount below which the department deems necessary for operating purposes) replenishment can be requested. Complete a check request made out to Petty Cash in the amount of the receipts with the expense codes listed for the various expenses. Your expense budget or budgets will be charged for the amount of the reimbursement and a check issued. The check can be cashed and the cash added back to the petty cash box bringing it back up to the imprest level. Replenishment should never be for more than the imprest balance.

Other Cash

Other cash that is collected for any purpose should not be co-mingled with petty cash. Other cash should be deposited promptly using the college provided remittance advice slip and brought over to Financial Services in S-44 for deposit.