One person should have overall responsibility for the petty cash system and should only provide cash to employees when provided with either a signed IOU or an approved receipt for expenditure.

Attach the completed logs to a Payment Authorization form and submit to the PSC at least every 3 months (quarterly) and at the end of the fiscal year for replenishment of the fund. Refer to the Petty ...

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.

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 ...

Departments taking advantage of this option should implement internal controls and departmental oversight to avoid abuse, which at a minimum would include monthly account reconciliation and tracking ...

University organizational units may be provided a designated amount of cash for payment of incidental expenses of a nominal amount that require cash payment and that are not appropriately billed by ...

If the petty cash fund is short, a debit is entered to represent a loss. The over or short account is used to force-balance the fund upon reconciliation. The Internal Revenue Service (IRS ...