PETTY CASH July 16 2007 1 Petty Cash

PETTY CASH July 16, 2007 1

Petty Cash • Purpose: use for small and emergency purchases, not on-going expenses. • Should NOT be used as a substitute for the normal processing of vendor payments, loans, personal items, or cashing a check. • Reimbursable: Expenditures must not exceed the amount of the established fund. 2

ESTABLISHING A PETTY CASH FUND • All requests to establish a petty cash fund must be in • • writing (memo or email) to the Auditor-Controller Describe the purpose State the estimated size of the fund Specify the means to protect the fund against loss or misuse Requests for change should explain the need and provide supporting documentation 3

Petty Cash – Security • Review “Recommended Internal Control Procedure for New Revolving Fund” memo from Auditor-Controller. • Custodian responsible for accounting & safeguarding of cash & proper receipts should be MAC Chair or Treasurer. • Cash & receipts have to be maintained in a LOCKED cash box. • Cash & receipts must be maintained in the District Supervisor office. 4

Reconciliation of Petty Cash Fund • Use “MAC Petty Cash Reconciliation” worksheet to reconcile expenditures and receipts per the General Ledger on a regular basis. • Regular Basis: once a month (recommended) 5

Reimbursements & Replenishment • All purchases must be supported by proper • • • documentation: D. 15 Demand, original receipt or register tape Documentation must be signed by person who made the purchase TC-52 County Coding Slip can replenish the fund Replenish once a month Cash should be counted each time replenishment is requested Discrepancies between total cash on hand plus receipts and vouchers should be reported to Auditor-Controller immediately 6

Reconciliation - Access to Finance Ledger • Access to Auditor Controller’s Intranet Site. • Contact with Jennifer Webber to add your name on Auditor’s monthly financial report email distribution list – – (925)646 -2891 jwebb@ac. cccounty. us 7