Petty Cash Process Financial Services

Petty cash may only be used for university business expenses and must meet every test applied to purchases made through the more formal process It cannot be

Petty Cash Process Financial Services Petty Cash · Generally petty cash funds for orgs should be set up in amounts not to exceed $500 · Petty cash funds are not to be used as an

Petty cash may only be used for university business expenses and must meet every test applied to purchases made through the more formal process It cannot be

paticash The custodian should be the only person with physical access to funds Petty cash should be maintained on an imprest basis, which means that the amount of the

Maintain the initial amount The amount in your petty cash box should always remain constant Once you begin creating the petty cash float, your

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2 Fixed system of petty cash Unlike the open system, here, the petty cashier is given a fixed amount of money for a fixed amount of period Once the period is