OU Administrative Policies
and Procedures
371 Wilson Blvd., Suite 4000
Rochester ,
MI
48309-4482
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266 Petty Cash
SUBJECT: | PETTY CASH FUNDS |
NUMBER: | 266 |
AUTHORIZING BODY: | VICE PRESIDENT FOR FINANCE AND ADMINISTRATION |
RESPONSIBLE OFFICE: | ACCOUNTING OFFICE |
DATE ISSUED: | FEBRUARY 1983 |
LAST UPDATE: | JANUARY 2017 |
RATIONALE: The University may advance cash to Departments for establishing a Petty Cash Fund. Petty cash is used to reimburse Employees for small out-of-pocket Departmental purchases. If a Department has cash sales, the Petty Cash Fund may be used to make change. | |
POLICY: Departments needing cash should request the advance from the Accounting Office. When a Department receives a Petty Cash Fund, responsibility for the Fund must be assigned to a specific Employee. The Employee’s supervisor must periodically verify the Funds by preparing a cash count sheet. | |
SCOPE AND APPLICABILITY: This policy is applicable to all University Departments. | |
DEFINITIONS:
Custodian: Individual in charge of the Petty Cash Fund.
Petty Cash Fund: A small cash Fund for minor Departmental expenses. | |
PROCEDURES:
Disbursements:
Replenishing:
Annual Audit: | |
RELATED POLICIES AND FORMS: | |
APPENDIX: |