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PETTY CASH. July 16, 2007. Petty Cash. Purpose: use for small and emergency purchases, not on-going expenses. Should NOT be used as a substitute for the normal processing of vendor payments, loans, personal items, or cashing a check.

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petty cash

PETTY CASH

July 16, 2007

petty cash1
Petty Cash
  • Purpose: use for small and emergency purchases, not on-going expenses.
  • Should NOT be used as a substitute for the normal processing of vendor payments, loans, personal items, or cashing a check.
  • Reimbursable: Expenditures must not exceed the amount of the established fund.
establishing a petty cash fund
ESTABLISHING A PETTY CASH FUND
  • All requests to establish a petty cash fund must be in writing (memo or email) to the Auditor-Controller
  • Describe the purpose
  • State the estimated size of the fund
  • Specify the means to protect the fund against loss or misuse
  • Requests for change should explain the need and provide supporting documentation
petty cash security
Petty Cash – Security
  • Review “Recommended Internal Control Procedure for New Revolving Fund” memo from Auditor-Controller.
  • Custodian responsible for accounting & safeguarding of cash & proper receipts should be MAC Chair or Treasurer.
  • Cash & receipts have to be maintained in a LOCKED cash box.
  • Cash & receipts must be maintained in the District Supervisor office.
reconciliation of petty cash fund
Reconciliation of Petty Cash Fund
  • Use “MAC Petty Cash Reconciliation” worksheet to reconcile expenditures and receipts per the General Ledger on a regular basis.
  • Regular Basis: once a month (recommended)
reimbursements replenishment
Reimbursements & Replenishment
  • All purchases must be supported by proper documentation: D.15 Demand, original receipt or register tape
  • Documentation must be signed by person who made the purchase
  • TC-52 County Coding Slip can replenish the fund
  • Replenish once a month
  • Cash should be counted each time replenishment is requested
  • Discrepancies between total cash on hand plus receipts and vouchers should be reported to Auditor-Controller immediately
reconciliation access to finance ledger
Reconciliation - Access to Finance Ledger
  • Access to Auditor Controller’s Intranet Site.
  • Contact with Jennifer Webber to add your name on Auditor’s monthly financial report email distribution list
    • (925)646-2891
    • jwebb@ac.cccounty.us