You are here: Home Internal Audit Activity Fund Manual Chapter V - Petty Cash and Change Fund

Chapter V - Petty Cash and Change Fund

Written authorization is required from the APS Activity Fund Specialist in the Finance Department to establish Petty Cash and Change Funds with activity funds. Once authorization is received you may establish the approved fund.  Requests should include the following:

  • Desired amount
  • Name of custodian/sponsors
  • Name of fund
  • Each Petty Cash fund will be designated by an account in the general ledger.
    • Petty cash expenditure maximum limit is $15.00.
    • At all times, cash/coin plus receipts/invoices must equal the full approved amount of

-  PETTY CASH -

the Petty Cash fund.

  • Petty cash usage must be approved by the principal or designee.
  • Petty cash vouchers (sample form on page D-12a) must be prepared. Vouchers

must be signed by the person receiving the money, at the time the money is

received:

  1. For money issued in advance, the voucher will show amount taken, amount returned as change, and invoice amount.  The person using petty cash will sign the voucher upon taking the money.  After the purchase has been made, the change plus receipts must equal the original amount taken.
  2. For reimbursement, the petty cash voucher will show amount taken equaling invoice. The person being reimbursed will sign the voucher upon reimbursement.
  3. Invoices/receipts must be attached to petty cash vouchers and marked “Paid” to prevent duplicate use.
  • It is not necessary to issue a purchase order when replenishing petty cash.
  • Replenishment of petty cash:
  1. Must be the exact amount necessary to bring the fund up to the approved fund amount. The replenishment amount can be determined by totaling the petty cash vouchers for the current period.
  2. 2. Replenishment amount must be posted to individual fund accounts indicated on petty cash vouchers.
  3. Check is issued to petty cash custodian, i.e., “Name of Petty Cash Custodian or Sponsor, Petty Cash.”

- CHANGE FUND –

  1. Change funds are used to make change only.
  2. Each Change Fund will be designated by an account in the general ledger.
  3. At all times, cash and coin must total the full amount of the Change Fund.

 

It is prohibited to use Petty Cash or Change Fund to make loans or cash personal checks.

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