Petty Cash

Petty Cash

SUMMARY

The Petty Cash Procedure establishes the University's practices which seek to ensure that petty cash floats which are maintained in Offices and Departments of the University are administered in accordance with the Public, Finance and Audit Act 1983 (NSW) and risk to staff and the University is minimised.

PROCEDURE

Purpose

To ensure that:

  • the petty cash floats which are maintained in Offices and Departments of the University are administered in accordance with the Public, Finance and Audit Act 1983 (NSW)
  • risk to staff and the University is minimised.

Procedure

This procedure requires actions by the following:

  • Accounts Payable Officer
  • Assistant Director, Revenue Services
  • Cashier
  • Chief Financial Officer
  • Deputy Chief Financial Director, Office of Financial Services
  • Finance Manager
  • Manager, Revenue Services
  • Senior Cashier
  • Staff member

This procedure is comprised of the following topics:

  • Obtain authorisation
  • Attach receipts
  • Obtain reimbursement
  • Provide cash
  • Request office cash float
  • Recoup petty cash float
  • Reconcile petty cash float

Petty Cash can be used for the reimbursement of small business-related expenses (<=A$100). Petty Cash advances can be made to University staff, or other approved persons, where other payment methods (such as credit card, electronic funds transfer (EFT), cheque) are either not economically viable or not available.

Staff Member

OBTAIN AUTHORISATION

Complete and sign a Petty Cash Docket. Obtain authorisation for the payment from your Delegated Officer.

ATTACH RECEIPTS

Attach all relevant receipts to the docket as evidence of expenditure. If receipts are not available note the reason on the Petty Cash Docket and obtain acknowledgement from your Delegated Officer.

For approved petty cash advances, supply receipts on completion of the authorised purchase/event.

OBTAIN REIMBURSEMENT

Obtain reimbursement of petty cash expenses at the Cashier’s Office, Revenue Services, Office of Financial Services, where a cash float is maintained.

Cashier

PROVIDE CASH

Check the Petty Cash Docket to ensure all the relevant information has been included ie the account number, description, amount, receipts and signatures, before issuing any cash to the recipient.

Confirm that the Petty Cash Docket has been completed correctly and that the necessary receipts are attached. Only then exchange the Docket for cash from the Petty Cash Security Box.

Place the Petty Cash Docket in the Security Box until recoupment is made.

Finance Manager

REQUEST OFFICE CASH FLOAT

Under exceptional circumstances, request the Chief Financial Officer for a float to be held in an Office or Department. The request must detail the reasons why the float maintained in the Cashier’s Office is not suitable.

Keep all cash floats in a lockable safety deposit box in a lockable cupboard.

Senior Cashier

RECOUP PETTY CASH FLOAT

Recoup the Cashier’s petty cash float as and when required.

Complete a Non-order Payment Request – Staff or Student, and attach all the Petty Cash Dockets and a Petty Cash Journal Form. Once completed, obtain a payment authorisation signature from the Manager or Assistant Director, Revenue Services.

Once authorisation has been received, submit the Non-order Payment Request – Staff or Student to Accounts Payable for processing.

Accounts Payable Officer

Process the Non-order Payment Request - Staff or Student and issue the subsequent cheque to the Senior Cashier.

Senior Cashier/Deputy Director/Chief Financial Officer

Arrange to have the cheque opened for cash by the Deputy Director, Financial Services or the Chief Financial Officer, as required.

Senior Cashier

Advise the University’s bank (preferably by fax) as to the denominations required. Arrange for the security company to deliver the cheque to the bank and return the cash on the same day.

Check the cash on return from the bank and place it in the Petty Cash Security Box.

Senior Cashier/ Manager, Revenue Services/

Assistant Director, Revenue Services

Finance Manager

RECONCILE PETTY CASH FLOAT

Reconcile the petty cash float on a monthly basis. Arrange for this to be checked by the Manager or Assistant Director, Revenue Services.

Petty Cash floats maintained in other Offices/Departments are to be reconciled by the responsible officer.

Senior Cashier/ Manager, Revenue Services/

Assistant Director, Revenue Services

List the reconciliation details in the Petty Cash Reconciliation Register. Arrange for sign-off by both the Senior Cashier and the Manager or Assistant Director, Revenue Services.

Cashier/

Senior Cashier

Report any discrepancies to the Assistant Director, Revenue Services. Record all discrepancies in the University Register.

Senior Cashier

Ensure the Petty Cash Security Box is placed in the safe/strong room at the end of each day.

Procedure Information

Contact Officer

Assistant Director, Revenue Services, Office of Financial Services

Date Approved

17 May 2012

Approval Authority

Deputy Chief Financial Officer - Operations

Date of Commencement

17 May 2012

Amendment Dates

April 2012 – procedure reviewed and updated with minor formatting changes

Date for Next Review

May 2015

Related Policies, Procedures, Guidelines, Forms and Templates

Cash Receipting Procedure

Non-order Payment Request – Staff or Student

Petty Cash Journal Form.

Keywords

Petty Cash, Register, Reconciliation, Recoupment, Petty Cash AdvanceContact Officer

Asset ID = 423071

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