THE UNIVERSITY OF MEMPHIS OPERATING PROCEDURES
SUBJECT: Petty Cash Funds
PROCEDURE NO.: 2D:01:01D DATE: July 1, 1994
SUPERSEDES PROCEDURE NO.: 2D:01:01D DATED: June 21, 1993
INDEX
A. Summary
B. Establishment of a Petty Cash Fund
C. Petty Cash Bank Accounts
D. Petty Cash Fund Guidelines
E. Replenishment of Petty Cash Funds
F. Requests for Cash Reimbursements
A. Summary
University departments or activities may request the establishment
of a petty cash fund for (1) a change fund or (2) a disbursement
fund for purchases of minor, low cost items. However, a petty cash
fund may not be used as both a change fund and a disbursement fund.
B. Establishment of a Petty Cash Fund
Department and activity heads may request to have a petty cash fund
established by submitting a Request for a Petty Cash Fund,
Attachment I, to the Bursar. A check will be issued to the
departmental petty cash fund custodian to establish the approved
petty cash fund.
C. Petty Cash Bank Accounts
The size of a departmental petty cash fund may warrant that all or
a portion of the fund be deposited in a separate bank account. If
a separate bank account is warranted, University Operating
Procedure 2D:01:01B, Bank Accounts, should be reviewed. The
establishment of a separate bank account is subject to the approval
of the Associate Vice President for Finance.
D. Petty Cash Fund Guidelines
1. Safekeeping facilities should be commensurate with the size
of the fund and must be approved by the Bursar.
2. The custody and access to the petty cash fund will be
limited to one petty cash custodian at a time. However,
accountability and responsibility for the proper use and
care of the fund remains with the department/activity head.
3. Petty cash funds will be verified in writing by both
parties when responsibility and custody of the fund is
changed.
4. The same petty cash fund may not be used for both a change
fund and a disbursement fund. Separate funds should be
requested if both types of petty cash funds are warranted.
5. The amount of reimbursements must be less than $500 per
vendor. Each reimbursement must be supported by an
invoice, receipt, or other adequate documentation from the
vendor and attached to a Request for Cash Reimbursement,
Attachment II. Unexpended and unobligated departmental
funds must be available before petty cash funds are
disbursed.
6. Each petty cash fund must be maintained separately from all
other funds and no part of the fund may be held in the form
of postage.
7. Personal checks may not be cashed from a petty cash fund.
Temporary loans and/or IOU's are not permitted.
8. Meals, food, flowers, travel, personal services, contractor
services, and dues or subscriptions can not be reimbursed
by petty cash funds.
9. Petty cash funds must be maintained at the established
amount and are subject to audit at any time by State and/or
University auditors and University Finance personnel.
10. In the event of a petty cash shortage:
a) A Report of Cash Shortage, Attachment III, should be
completed and delivered to the Bursar's Office. If the
shortage is less than $50 the report must be filed
within 24 hours. If the shortage is $50 or more the
report must be filed within 2 hours.
b) Overages and shortages must be recorded on the next
Petty Cash Replenishment Request, Attachment IV, and
the replenishment amount adjusted to reflect the
variance. The departmental expense account with 4910
object code is used to record over/short transactions.
E. Replenishment of Petty Cash Funds
A Petty Cash Fund Replenishment, Attachment IV, should be completed
and submitted to Accounts Payable, Accounting Office on a monthly
basis or more frequently if the fund has been depleted and requires
replenishment. On June 30 of each fiscal year a Petty Cash
Replenishment Request must be completed for all receipts on hand.
F. Requests for Cash Reimbursements
Cash reimbursements for departmental purchases of minor, low cost
items (less than $500) are available through the Bursar's Office
when no departmental petty cash fund exists. The claimant should
complete a Request for Cash Reimbursement, Attachment V, and take
it with appropriate vendor documentation to the Bursar's Office
cashier windows for reimbursement. The claimant should present
his/her University identification card to the window teller when
requesting the reimbursement.
Attachment I
THE UNIVERSITY OF MEMPHIS
REQUEST FOR PETTY CASH FUND
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| Please Complete the Following Information and Submit to the Bursar |
| |
| |
| Department/Activity _________________________________ Date ______________ |
| |
| Responsible Official (Fund Custodian): __________________________________ |
| |
| Building and Room Number Where Funds Will Be Maintained: |
| |
| Building: _________________________ Room No.: ___________ |
| |
| Type of Security (Safe Keeping) To Be Provided: |
| _________________________________________________________________________ |
| _________________________________________________________________________ |
| |
| Purpose for Which Fund is Needed: ___ Change Fund ___ Petty Cash Purchases |
| |
| If Change Fund, Estimate the Amount of Change Required During the Month: |
| $__________ |
| |
| If Petty Cash Purchases, Estimate the Monthly Purchases Through the Fund: |
| $__________ |
| |
| Amount of Fund Requested: $____________________ |
| |
| Other Notes: ____________________________________________________________ |
| _________________________________________________________________________ |
| _________________________________________________________________________ |
| _________________________________________________________________________ |
| |
| We hereby certify that we have thoroughly reviewed and are familiar with |
| University Operating Procedures 2D:01:01A and 2D:01:01D and will |
| administer these funds as specified in these procedures. |
| |
| ________________________________ ________________________________ |
| Signature - Department Head Signature - Fund Custodian |
|========================================================================== |
| FOR FINANCE USE ONLY |
| |
| Account Number ___________________________ |
| Account Name _____________________________ |
| Total Amount Approved For Fund $__________ |
| Amount to Disburse $______________________ |
| Recommend Approval (Bursar) ______________________________ |
| Approved (Director) ______________________________________ |
| |
| The University of Memphis is an equal opportunity/affirmative |
| action university. It is committed to education of a non- |
| racially identifiable student body. |
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Attachment II
Request for Cash Reimbursement
General Information:
Purpose: This form is used for cash reimbursement.
Source of Accounting Office (telephone 2271), Administration
blank forms: Building, Room 275
Routing of If the amount of reimbursement is less than $500,
form: form may be routed to the Accounting Office for
issuance of a check.
If the amount is $500 or more the University
reimbursement must be by the issuance of a check.
If less than $500 and the department does not have
petty cash fund, the form may be taken to the
Bursar's Office for immediate cash reimbursement.
All reimbursement forms must be accompanied by
receipts. The form may be taken to any cashier
window on the first floor of the Administration
Building.
Contact office Accounting Office (telephone 2271), Administration
for questions: Building, Room 275
Approximate Check Reimbursement - 1 week
processing time: Cash Reimbursement - immediately
University
procedure(s): 2D:01:01J
Instructions for Completing Form:
(1) Date - Date the request is made.
(2) Name - Name of individual requesting cash reimbursement and
his social security number.
(3) Amount - Total amount of cash reimbursement.
(4) Quantity - The quantity of each item purchased.
(5) Description - Description of each item.
(6) Vendor - Name of vendor and address from which item(s) were
purchased.
(7) Amount - Enter dollar amount of each item listed.
(8) Total - Total dollar amount of item(s) purchased.
(9) Department Name - Department name of requestor.
(10) Account No./Object Code - The ledger, function, and object
code of the department.
(11) Cash Received by - Signature of requesting individual is
required upon receipt of cash reimbursement.
(12) Claimants Signature - Signature of individual requesting
cash reimbursement of expenses for approved University
business.
(13) Approval - Signature of department head is required.
REQUEST FOR CASH REIMBURSEMENT
Name __(2)________________________________ Date ___(1)____ 19 ____
Social
Security # _______________________________ Amount ____(3)__________
---------------------------------------------------------------------------
Quantity | Description | Vendor | Amount
===========|=======================|====================|==================
(4) | (5) | (6) | (7)
-----------|-----------------------|--------------------|------------------
-----------|-----------------------|--------------------|------------------
-----------|-----------------------|--------------------|------------------
-----------|-----------------------|--------------------|------------------
-----------|-----------------------|--------------------|------------------
-----------|-----------------------|-------|------Total-|--------(8)-------
I hereby certify that this claim is true |
and correct and that the expenses claimed | ___(9)_____________________
were for approved University business | Department Name
|
________________(12)_____________________ | ___________(10)____________
Claimant's Signature Title | Account Number Obj. Code
|
I hereby approve this claim and certify | ___________________________
its appropriateness | Cash Received By Date
|
________________(13)_____________________ |
Approval Signature Title |
|
An Equal Opportunity/Affirmative Action University PS 1/91-1047
Attachment III
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| THE UNIVERSITY OF MEMPHIS |
| REPORT OF CASH SHORTAGES |
| |
| |
| Location _______________________________________ Date __________________ |
| Shortage ________________ Cash Custodian _______________________________ |
| 1. Total Daily Receipts: Count ______________ Amount $________________ |
| |
| |
| 2. Discussion: _______________________________________________________ |
| ________________________________________________________________________ |
| ________________________________________________________________________ |
| ________________________________________________________________________ |
| ________________________________________________________________________ |
| |
| 3. Reviewed By: ___________________ ____________________ |
| Name Title |
| |
| |
| Forward to: Brenda Butler, Head Cashier, Bursar's Office, Admin. 177 |
|===========================================================================|
| |
| Bursar's Office Use Only |
| |
| |
| Receipt Number ___________________ |
| CRV Number _______________________ |
| Date _____________________________ |
| Cashier __________________________ |
| |
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Attachment IV
Request for Replenishment of Petty Cash
General Information
Purpose: This form is used to replenish the Petty Cash
Fund.
Source of Accounting Office (telephone 2271), Administration
blank forms: Building, Room 275
Routing 1. Original - Accounting Office, with receipts of
of form: purchase(s)
2. Copy - Retain in departmental files
Contact office Accounting Office (telephone 2271), Administration
for questions: Building, Room 275
Other Petty Cash funds must be replenished at least
information: every thirty days and at each June 30.
Instructions for Completing Form:
(1) Fill in the name of the department.
(2) Enter the date the request is being submitted.
(3) Write the name and social security number of the custodian
of the Petty Cash Fund.
(4) Under - "Item," number the different purchases in sequence.
Put the date of receipt, from whom the items were purchased,
a description of the item purchased, the object code for the
item purchased, and the amount.
(5) Total the "Amount" column and verify against receipts.
(6) Write the name of the account to be charged for the
purchase(s), the account number, object code, and the
totals. Summarize these charges by object code.
(7) Be sure the department head signs the form indicating
his/her approval.
THE UNIVERSITY OF MEMPHIS
REQUEST FOR REPLENISHMENT OF PETTY CASH FUND
(1) Department ___Media Studies__________ (2) Date _____4/30/94________
Please issue check payable to:
(3) Custodian ___Mary E. Smith___________ SS# __123-45-6789_______
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Replenishment for the following petty cash expenditures (supported
by the attached itemized receipts):
Date of Object
Item # Receipt Vendor Item Description Code Amount
------ ------- ------ ---------------- ------ ------
(4) ___1__ 04-11-94 Office Max ___Color Tabs___ _4510_ 24.38
___2__ 04-14-94 J's Stamps 2 rubber stamps _4510_ 19.05
______ ________ __________ ________________ ______ ______
______ ________ __________ ________________ ______ ______
______ ________ __________ ________________ ______ ______
______ ________ __________ ________________ ______ ______
______ ________ __________ ________________ ______ ______
______ ________ __________ ________________ ______ ______
______ ________ __________ ________________ ______ ______
______ ________ __________ ________________ ______ ______
(5) Total 43.43
======
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Charge to the following accounts:
Object
Name of Account Account # Code Amount
--------------------------- --------- ------ ------
(6) ___Media Studies___________ _2-11111_ _4510_ 43.43
___________________________ _________ ______ ______
___________________________ _________ ______ ______
Total 43.43
======
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Approved:
(7) Department Head/s/ ____Jake Doe_______________ Date_____4/30/94____
An Equal Opportunity/Affirmative Action University