For example, if the cash on hand is less than $49, a receipt or IOU may not have been supplied, the petty cashier may have issued the wrong amount, or cash may have been stolen from the box.

Petty cash funds must be used only to purchase incidental items of a nominal amount for which other established university procurement methods are not feasible. Nominal generally means $60 for study ...

An objective of reconciliation is to ensure the department is adhering to established internal controls. GAAP recommends that petty cash funds be kept under lock and key and in a secure location.

Petty Cash Reconciliation. Petty cash funds should be counted daily. The fund for small purchases should be balanced at the time of the transaction or at least twice monthly. When balancing any petty ...

For departmental petty cash funds, a Petty Cash Reimbursement form must be completed at least once a month, preferably twice a month, for example, the 1st and 15th of each month. When the form is ...

Reconciliation of a Department Petty Cash Account The department petty cash account must be counted, at a minimum, on the last day of every month. The cash on hand must be reconciled with the receipts ...

Petty cash is a small amount of cash on hand used for paying expenses too small to merit writing a check. Learn how to balance petty cash in accounting.

A PI may request cash to pay human subjects. This advance requires a monthly reconciliation which must include a subject identifier, date, and dollar amount disbursed. The PI is responsible for ...