Fiscal Year End Closing Procedures and Updates

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Petty Cash/Change Fund
Policy & Procedures
Agenda
• Purpose and Definitions
• Establishing and Changing Funds
• Safeguarding Funds
• Using and Replenishing Funds
• Closing Funds
Purpose and Definitions
• Set guidelines for appropriate use &
establish internal controls to
prevent/detect the misuse of
University funds
• “Petty cash fund” or “Change fund”
versus “Fund” as used with Banner
Purpose and Definitions
Petty Cash Fund:
• small dollar recurring purchases ($50 or less) for which
the Pcard can’t be used
• limited to reimbursements to staff, faculty, students
• University petty cash fund at Cashier’s office (107
Reynolda Hall)
Purpose and Definitions
Change Fund:
• Provides change to customers who pay for goods or
services with cash
• Cash drawers or “the till”
• Examples – Deacon Shop, Athletics Ticket Office,
Graylyn
• Not to be used for small dollar purchases, incidentals,
emergency business expenditures
Purpose and Definitions
Is your fund named properly?
Petty Cash vs Change Fund
Establishing and Changing Funds
Cash Fund
Action Form
Establishing and Changing Funds
Cash Fund
Change of
Fiduciary Form
Safeguarding Funds
•
Count and balance change funds at beginning and
end of each day
•
Store funds in secure device
(safe, vault, locked drawer,
locked room)
•
Never leave funds unattended or unsecured
•
Be prepared for unannounced audits by Internal
Audit or FAS
Safeguarding Funds
Monthly
Petty Cash and
Change Fund
Reconciliation
Using and Replenishing
Petty Cash Funds
• Use of petty cash funds should be pre-approved by one
of the department’s authorized approvers
• The following is needed to verify the purchase:
 Date of purchase
 Vendor name
 Receipt
 Breakdown of total and tax total in US dollars
 Description of purchase
 Business purpose
 Proof of payment for reimbursements
Using and Replenishing
Petty Cash Funds
Missing Receipt
Affidavit
Using and Replenishing
Petty Cash Funds
• At any given time, cash on hand plus receipts must
equal the authorized fund amount
• It is the responsibility of the Fiduciary to maintain a
current record of the fund’s financial status
Example:
Using and Replenishing
Petty Cash Funds
Prohibited Purchases:
•
•
•
•
•
•
•
Single purchases in excess of $50
Capital assets
Payment for services rendered
Alcoholic beverages
Personal check cashing or personal cash
advances
Items purchased more than 30 days prior to
reimbursement request
Honorariums, salaries and wages
Using and Replenishing Funds
• DO NOT replenish petty cash
funds from ATM withdrawals
• Replenish funds at least monthly or more
frequently if needed
Using and Replenishing
Petty Cash Funds
Petty Cash
Replenishment
Request
Form
Closing Funds
• Notify FAS via Cash
Fund Action Form
• Prepare full
reconciliation of fund
• Deposit all funds at
the Cashier’s window
in 107 Reynolda Hall
Links and Contact Info
To find this presentation:
http://finance.wfu.edu/faculty-staff/financial-reporting
To find the forms in this presentation:
http://finance.wfu.edu/forms
To find the related procedures:
http://finance.wfu.edu/policies-and-procedures
Jennifer Killingsworth
Manager, General Accounting
[email protected] ext. 4088
Ruth Smith
Senior Accounting Coordinator
[email protected] ext. 5977
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