ESTABLISHMENT OF PETTY CASH IMPREST FUNDS ON CAMPUS
PURPOSE: Establishment of petty cash imprest funds is to provide petty cash at a
number of locations on campus as a convenience to Faculty and Staff
members in making small local purchases of goods or services on behalf
of the University.
This petty cash removes the formality of a purchase requisition and
approval for each individual small purchase.
PETTY CASH PROCEDURE
1.
Petty Cash Funds will be provided on an Imprest basis, at geographical
locations where the establishment of petty cash will facilitate the
operation of the Department at the University.
A)
The Accounts Payable Supervisor along with the Controller will
have the responsibility for approving the establishment of petty
cash. Cash float replenishment will occur periodically as required..
B)
Adequate safekeeping of the petty cash fund, both during and after
normal working hours, is a necessity and will be one of the
requirements to be met for the establishment of the petty cash
account for the department.
2.
Petty Cash stations will be limited to $500.00 (except for certain areas
with special approval from the Controller and Director of Finance). All
expenditures paid out of petty cash funds will result in a charge to
departmental expense or trust funds. Petty Cash purchases will normally
exclude items which are available in University inventories of supplies and
materials.
3.
The Petty Cash custodian for the department or trust is authorized by the
Department Head or Director.
PROCEDURES FOR ESTABLISHMENT OF PETTY CASH ACCOUNT:
1)
COMPLETE CHEQUE REQUISITION FOR AMOUNT OF ESTABLISHMENT OF
PETTY CASH ACCOUNT.
$
make cheque payable to Acustodian@ with department under address
$
under cheque remark please write Aestablishment of petty cash@
2)
Fill out cheque amount for total required for petty cash account.
3)
Under account number write 1.1010.2 with total amount next to it.
(All petty cash accounts are in CDN dollars - please indicate on cheque
requisition)
4)
Have the cheque requisition approved by Department Head or Director.
PROCEDURES FOR REIMBURSEMENT OF PETTY CASH ACCOUNT:
1)
AT ANY ONE TIME YOUR TOTAL OF RECEIPTS IN YOUR PETTY CASH BOX AND
CASH SHOULD ADD UP TO YOUR PETTY CASH ACCOUNT TOTAL.
2)
To replenish:
$
Make cheque requisition payable to Acustodian@
$
Write Apetty cash reimbursement@ in cheque remark area
$
Distribute charges (under Ato be distributed as follows@ ) to appropriate
object accounts under your Cost Centre account number with amounts.
$
Attach summary of charges and original receipts for each expense to
cheque requisition. Keep copies for your files.
$
Submit cheque requisition to Accounts Payable. The amount of your
cheque and your cash should add to your petty cash account total.
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