PETTY CASH PROCEDURE

Initiation of a Petty Cash Fund

Department

·         Written request to the Controller - stating reasons the fund is needed.

·         The request should identify the petty cash fund custodian and one other employee that is  designated as a back up to the custodian.

·         Complete a voucher request with the requested dollar amount filled in.  The petty cash amount should be established at $100.00.  Request for a higher amount will be reviewed by the controller.

·         The voucher request is made payable to the intended custodian of the petty cash fund.

·         Have the department head sign the voucher authorization.

Accounting Division

·         Controller will approve or deny the request.

·         If denied the voucher request and letter will be returned to the department with an explanation of the denial.

·         If approved the Accounting Division will assign a general ledger account number to the petty cash fund.

·         The Purchasing Division wiil assign a PEID number to the intended custodian of the petty cash fund.

·         The voucher will be processed in the next accounts payable check write.

Maintenance of the Petty Cash Fund

·         Petty cash fund must be kept under lock and key.

·         Petty cash fund will be available for periodic audits by the Accounting Division and Internal Audit.

·         Quarterly reconciliation of the petty cash fund should be conducted by the custodian and their supervisor.

·         Any shortages must be reported to the Accounting Division immediately.

·         Accounting Division will maintain a file of all petty cash funds and their general ledger location.

·         Departments must notifiy the Accounting Division of any changes in the petty cash custodians.

Reimbursement From Petty Cash Fund

·         Complete Petty Cash Expense Form  (Exhibit A) with the following information:

a.       Date of purchase.

b.       Amount of purchase or reimbursement.

c.       Cost center

d.       Object code.

e.       To whom the cash is being paid.

f.       Vendor name.

g.       The purpose of the expenditure.

h.       Employee’s signature

i.        Custodian’s signature

·         Attach original receipt to the completed petty cash expense form.

·         Store petty cash expense forms with the petty cash fund and attach to reimbursement form when replenishing the petty cash fund.

Replenishing the Petty Cash Fund

·         Complete the Petty Cash Reimbursement form (Exhibit B) with the following information:

a.       Department name.

b.       Date.

c.       Division name.

d.       Authorized amount of the petty cash fund.

e.       Amount of cash still in the fund.

f.       The difference is the amount to be reimbursed.

g.       Description of purchases.

h.       Total amount requested to be reimbursed.

i.        Custodian’s signature.

j.        Division Manager’s approval and signature.

·         Attach all petty cash expense forms and receipts.

·         Complete a voucher request, including the PEID number assigned to the petty cash fund custodian.

·         Make sure that all costs are allocated to the proper cost centers and object codes.

·         Input the voucher in your next accounts payable batch or send it to the Accounting Division for input.

Closing the Petty Cash Fund

·         Submit the entire amount of cash on hand with the completed petty cash expense forms to the Accounting Division.  Cash on hand and completed expense forms must equal the original petty cash requested amount.

·         The Accounting Division will credit the amount to the general ledger account number and object code.

EXHIBIT  A

                         SALT LAKE CITY                                                         SALT LAKE CITY

          PETTY CASH EXPENSE FORM                                     PETTY CASH EXPENSE FORM

DATE ___________  AMOUNT $_______________          DATE ___________  AMOUNT $_______________

COST CENTER ____________________________           COST CENTER _____________________________

OBJECT CODE ____________________________           OBJECT CODE _____________________________

PAID TO: _________________________________           PAID TO: __________________________________

VENDOR NAME ___________________________           VENDOR NAME ____________________________

USED FOR:  _______________________________          USED FOR:  ________________________________

__________________________________________           ___________________________________________

RECEIVED BY ____________________________            RECEIVED BY _____________________________

                       (employee signature)                                                    (employee signature)

PETTY CASH _____________________________            PETTY CASH ______________________________

CUSTODIAN                  (Signature)                               CUSTODIAN                    (Signature)

                   SALT LAKE CITY                                               SALT LAKE CITY

            PETTY CASH EXPENSE FORM                         PETTY CASH EXPENSE FORM

DATE ___________  AMOUNT $_____________      DATE ___________  AMOUNT $________________

COST CENTER ____________________________ COST CENTER ______________________________

OBJECT CODE ____________________________ OBJECT CODE ______________________________

PAID TO: ________________________________    PAID TO: ___________________________________

VENDOR NAME __________________________     VENDOR NAME _____________________________

USED FOR:  ______________________________   USED FOR:  _________________________________

_______________________________________     ____________________________________________

RECEIVED BY ____________________________   RECEIVED BY ______________________________

                       (employee signature)                                                          (employee signature)

PETTY CASH ____________________________     PETTY CASH _______________________________

CUSTODIAN                  (Signature)                                  CUSTODIAN                    (Signature)

EXHIBIT  B

SALT LAKE CITY CORPORATION

PETTY CASH REIMBURSEMENT FORM FOR EXPENDITURES

(Attach all receipts)

DEPARTMENT ____________________________________   DATE ____________________________

DIVISION __________________________________  CUSTODIAN PEID # _______________________

          TOTAL AMOUNT AUTHORIZED                            $_______________

                             CASH ON HAND        (Subtract)                         $_______________

                                      AMOUNT REQUESTED                             $_______________

Date             Cost Center    Object Code                      Description of Purchase                    Amount

          TOTAL AMOUNT TO BE REIMBURSED                                 $_____________

CUSTODIAN SIGNATURE _________________________               ACCOUNTING’S REVIEW

APPROVAL ___________________________________      ______________________________________

                             Division Manager)                            (Accounting Approval)

EXHIBIT  C

EXAMINATION AND RECONCILIATION

OF

PETTY CASH FUND

Name of Custodian:  _________________________        Date:  ____________

Name of Supervisor:  _________________________       Time:  ____________

Petty Cash Fund Count

***Total Authorized Petty Cash Fund Amount                          $_____________

Cash on Hand                                       $____________

Receipts on Hand                                   _____________

Postage Stamps on Hand                        _____________

Outstanding Reimbursements in Process    _____________

***Total                                                                  $_____________

Note:  ***  These two amounts must be the same.