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Petty Cash


Supervises reconciliation of Cash/Bank accounts to Weblinks, supervises all ... account Bank of America and vendor payments account Wells Fargo Bank ... – PowerPoint PPT presentation

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Tags: bank | cash | fargo | petty | wells


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Title: Petty Cash

  • Petty Cash
  • Conference
  • November 12, 2008

  • 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

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)

Petty Cash Replenishment
  • Replenishments should be
  • Submitted before fund is 50 depleted
  • Charged to same DPA and Fund as on establishment
  • Receipts Must be
  • Original
  • Attached to 8.5x11 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!!!

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

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

Petty Cash Counts
  • Cash counts by departments are mandatory
  • Frequency of counts depends on type and amount of
  • Cash counts should be performed by department
    manager or designee
  • Discrepancies should be reported to the
    Controllers Office
  • Controllers Office conducts random counts

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

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

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

Policy Reminders Cont
  • 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

Policy Exceptions
  • Policy exceptions are always considered not
    always granted
  • New policy allows larger payouts to research
  • Contact Kevin Leung to request exceptions

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
  • 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
  • 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

Thank You
  • Questions Answers
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