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Petty Cash

• Count your petty cash. This should be done by the petty cash "custodian" (the person who handles the box) and the "responsible person" (usually the custodian's supervisor) TOGETHER. Instructions and count sheets to guide the reconciliation process are available from Internal Audit or the Controller's office.
• IOUs are a "no-no," but if there ARE any in the petty cash box, collect on them.
• The total of cash, coin, and receipts should agree with the amount recorded in the department's petty cash account (#0-102xx or #0-103xx). If there's a variance in either direction, there's a problem. Call Internal Audit if you need help figuring out what the problem is or how to correct it.
• Process all receipts BY JUNE 30 (via a request for check to reimburse petty cash) so they can be recorded in the right fiscal year. Remember to use expenditure accounts and subcodes (e.g., a two-ledger operating account and subcode "3010" for office supplies)-not the petty cash account number-on the request for check.
• Don't maintain an unrecorded petty cash "kitty." If the department has miscellaneous cash receipts (for instance, for personal use of the telephone or copy machine), turn in the collected amounts as miscellaneous income or negative expense, whichever is appropriate. Call Accounting or Internal Audit if you're not sure of the right account or subcode(s) to use.
• If there has been turnover in the department for the "custodian" or "responsible person," inform the Controller's office so that it can update its records.