Petty Cash Conference   November 12, 2008

Petty Cash Conference November 12, 2008 PowerPoint PPT Presentation

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2. Agenda. Petty Cash Fund Set-upPetty Cash Replenishment Change of CustodianPetty Cash Fund TerminationCash CountsVerification LettersMost Common ErrorsImportant Policy Reminders Policy ExceptionsQuestions

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Petty Cash Conference November 12, 2008

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1. 1 Petty Cash Conference November 12, 2008

2. 2 Agenda Petty Cash Fund Set-up Petty Cash Replenishment Change of Custodian Petty Cash Fund Termination Cash Counts Verification Letters Most Common Errors Important Policy Reminders Policy Exceptions Questions & Answers

3. 3 Petty Cash Set-up Required Documents Check Request Cash Action Form (signed and approved) Fingerprint Clearance Memo From UCPD Confirmation of Online Course Current CHR Letter (for research only)

4. 4 Petty Cash Replenishment Replenishments should be: Submitted before fund is 50% depleted Charged to same DPA and Fund as on establishment request Receipts Must be: Original Attached to 8.5”x11” paper and total clearly stated on each page Signed off by Department PI if it is payment made to anonymous research subjects No rush requests!!!

5. 5 Change Of Custodian Required Documents Change of Custodian Form (signed and approved) Fingerprint clearance memo from UCPD for new custodian Confirmation of online course for new custodian Necessary even if change is temporary!!!

6. 6 Petty Cash Termination Required Documents Cash Settlement & Fund Termination Form (signed and approved) Original Receipts Copy of Cash Deposit Journal

7. 7 Petty Cash Counts Cash counts by departments are mandatory Frequency of counts depends on type and amount of fund Cash counts should be performed by department manager or designee Discrepancies should be reported to the Controller’s Office Controller’s Office conducts random counts

8. 8 Verification Letters Sent on a semi-annual basis to custodians Balance on letter should be verified and signed by custodian and department manager Letters must be returned by due dates Discrepancies must be followed up by departments

9. 9 Common Errors Incorrect NCA charged on replenishment requests Cash Action Form without proper departmental approval White-outs on Cash Action Form Receipts submitted are copies, not original Replenishment requests sent to A/P instead of Petty Cash desk

10. 10 Reminders From Policy Petty Cash should not be: Used for entertainment, meals or refreshments (unless specifically for research participants) Used for gas or other commute expenses (unless specifically for research participants) Exceed $100 per subject payment or transaction Deposited into a bank account

11. 11 Policy Reminders Con’t Petty Cash should be: Only accessible by the Custodian Kept separate from other funds (not co-mingled) Placed in a safe and/or secured place

12. 12 Policy Exceptions Policy exceptions are always considered – not always granted New policy allows larger payouts to research subjects Contact Kevin Leung to request exceptions

13. 13 Petty Cash Staff Scott Fong – Cash & Controls Manager 476-0834 Manages cash & controls unit Kevin Leung – Cash Supervisor 476-8878 Manages petty cash Supervises reconciliation of Cash/Bank accounts to Weblinks, supervises all petty cash activity, oversees general depository account – Bank of America and vendor payments account – Wells Fargo Bank Toni Sims – Cash Coordinator 502-8432 Liaison between departments and banks, writes cash policy, approves policy exceptions, monitors credit card compliance Kim Quach – Cash Administrative Assistant 502-7251 Petty cash administration Approves all cash journals related to credit card transactions to ensure transactions have been received by the bank – monitors for timely journal preparation

14. 14 Thank You Questions & Answers

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