Petty Cash

Occasionally an employee may need a cash advance to pay for something. Usually only one person (the AR Clerk) is in charge of the petty cash box at one time. This person should make sure to sign a Petty Cash Agreement (which may be obtained from Accounts Payable). The petty cash box always starts off with $1,500. The box is located in the safe.

1. If someone request a cash advance, give them a Petty Cash Advance slip from the petty cash box. Make sure they fill out each part except the date returned.
2. Give them the amount requested from the box.
3. The total of excess cash returned and all receipts should equal the amount requested. Be sure to enter the date returned, initial the slip and note that it is balanced.
4. If there is an expense in which there is no receipt, have the person fill out an orange form.
5. When you're getting low on cash or the receipts are piling up, add up all the receipts and the cash in the box (they should total $1,500). Complete a request for payment for Petty Cash and turn in all the receipts and slips to Accounts Payable. They will charge the appropriate accounts on the slips, then write you a personal check which you will cash and put the money back into the petty cash box.