PETTY CASH
by Applegate Accountants, Cheshire

Call us now for Petty Cash Assistance If you have a petty cash float, keep a sheet of paper petty in the cash box on which you note down every purchase. Always get a receipt for every item and staple them to the sheet of paper.

Whenever you put more money into petty cash, update the new balance onto a new record sheet and transfer the old sheet and its receipts to your folder of expenses receipts.

One technique than many businesses use is to keep the float at a constant £100 – either in cash, or cash plus receipts. When you need to top up the cash, only put in as much as you need to, to take it back to £100 mark again, and remove all the receipts to enter into your books properly.

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Petty cash a typical client policy

Where a single item is for less than £20 it can be paid from departmental petty cash. The payment must be supported by receipts or vouchers.

Payments not to be paid from Petty Cash include –

casual work should be paid via the Finance Office payroll section employee’s eye test fees should be claimed using the designated form available from the Personnel Office claims for travelling and subsistence expenses should be made by a dedicated form submitted to the Finance Office A record of expenditure should be kept in a bound book.

The receipt of ad-hoc income such as private photocopying and faxes, private telephone calls etc up to the value of £5 may be paid into the Petty Cash Holding Account, any other larger amounts should be forwarded to the Finance Office.

Petty Cash Requisitions for reimbursement must be sent to the Director of Finance, together with appropriate receipts or vouchers and the expenditure book. The amount claimed should be reconciled to the original advance on he claim form .

Claims should be submitted before the total amount held has been expended, in order to retain a working balance pending receipt of the amount claimed. The claim form should be signed by one of the approved departmental signatories.

The member of staff granted a float is personally responsible for its safe keeping. The petty cash box must kept locked in a secure place in compliance with the requirements of the institution’s insurers when not in use, and will be subject to periodic checks by the head of department or another person nominated by him or her.

PETTY CASH by Applegate Accountants, Cheshire

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PETTY CASH
by Applegate Accountants, Cheshire