PETTY CASH AND CHANGE FUND

Who issues Petty Cash Funds on behalf of Financial Services?

Travel Services, Geri Smith, (204) 474-7960, Geri.Smith@ad.umanitoba.ca

Procedure: Form is faxed to Travel Services @ (204) 474-7937 for processing. 

When is a Petty Cash Fund appropriate and what approvals are required when accounting for expenses?

Petty cash funds are disbursed when a department requires a relatively small amount of cash on hand to make change; for example, in sales transactions or for the purpose of purchasing low value items on an on-going basis, for example, postage stamps, etc. Petty cash is advanced to a custodian, who is responsible for the safeguarding of the petty cash fund, for preparing the Petty Cash Fund Replenishment and Reconciliation Form, to facilitate the replenishment of funds once spent, and for returning the Petty Cash Float to Travel Services when it is no longer required or there is a change in custodian.

The issuance of a petty cash fund does not give rise to a commitment against the department’s funds; when the petty cash fund is replenished on the completion of a Petty Cash Fund Replenishment and Reconciliation form, the expenses are charged to the FOAP(s) indicated. This form has to be authorized by the one-over-one signing authority.

Petty cash funds can be held over the fiscal year end of the University of Manitoba, they need not be returned by March 31 and reissued subsequent to year end; however, custodians should ensure that all expenses are reported on a Petty Cash Fund Replenishment and Reconciliation form in the fiscal year in which the expense was incurred.

All petty cash expenses must be supported by original receipts.

How is a Petty Cash Fund requested and what information is required?

  1. Complete a Request for Petty Cash Fund Form.
  2. Fax the request to Travel at (204) 474-7925. The requester should provide the reason the petty cash fund is required, the date required and the amount; the requester will become the custodian of the fund and he/she should also provide his/her telephone number and the location of the funds.

It is important that the custodian is familiar with the Petty Cash Policy and ensures that the petty cash fund is stored in a secure location to protect from theft; the request should also be authorized by the individual to whom the requester reports. i.e. the Department Head.

How and when are Petty Cash Funds accounted for and/or returned?

Petty cash are accounted by use of a Petty Cash Fund Replenishment and Reconciliation form. Petty cash should be returned when it is no longer needed or if the custodian resigns, retires or transfers to another position.  Petty Cash funds may also be periodically audited to ensure that they are kept secure and reconciled.  Annually Travel Services will send out a petty cash fund confirmation to custodians to confirm the amount of the petty cash they hold.

Request for Petty Cash Fund
Request for Change Fund

 

 


Petty Cash Fund Replenishment and Reconciliation Form

The Petty Cash Fund Replenishment and Reconciliation form should be used for the replenishment of Petty Cash funds only, as outlined in the University’s Petty Cash Policy.

Instructions:

  1. Items purchased must not exceed a per unit value of $100 and must be in respect of items which are too low in value to warrant use of the regular purchasing and disbursement procedures. If supplies of the same kind are being purchased from the same source on a repetitive basis, the department should consult Purchasing Services to investigate the use of alternative purchasing procedures such as a Procurement Card.
  2. List items purchased on the petty cash replenishment and reconciliation form and attach supporting original receipts in the order they are claimed.
  3. Ensure Employee number is completed on the face of the form.
  4. Ensure sufficient funds are available in the FOAP to be charged, and that the FOAP is completed with the appropriate account code, e.g. – 706001 - Stationary.
  5. Petty Cash Replenishment and Reconciliation forms for up to $200.00 should be submitted directly to the Cashier's Office at either the Fort Garry (138 University Centre) or Bannatyne (P001 Pathology Building) campus.