- Custodial responsibility – An employee must be assigned custodial responsibility of the cash and sign a Petty Cash Custodial form.
- Security procedures – The cash must be locked and in a secure environment.
- Disbursements must follow Expense Reimbursement policies.
- Funds should be replenished on a monthly basis.
- A locked cash box should be purchased for keeping cash and receipts paid out of petty cash.
- The locked cash box should be kept in a locked file cabinet or desk drawer.
- Please see Expense Reimbursement policy under Accounts Payable for details on allowable expenses.
- Receipts should be kept in the locked cash box and should be treated in a similar manner to cash.
- Petty cash funds should be replenished on a monthly basis.
- The custodian of the petty cash fund should submit a Check Request Form for all disbursements made out of the petty cash fund.
- The Check Request Form should then be forwarded to the Cashier’s Window for immediate cash replenishment.
- The Custodian is responsible for putting the cash in the locked cash box.