Petty Cash: Process Summary
Identify need for float
If your department does not have a petty cash float, refer to the petty cash expenditure guidelines to see if one is relevant. If it is, contact the Cashiers.
Request float set up
- Complete and submit an Application for Petty Cash Float Form
(33kb). - Receive float from secure carrier.
- Ensure the float is appropriately secured. Floats over £500 must be kept in a safe.
Using a petty cash float
Request cash from float holder as per local procedures:
- Advances - an advance-receipt should be signed when the float is issued, the change and receipts should be submitted after the purchase.
- Reclaiming spend - submit purchase receipts and sign the petty cash slip.
- All petty cash spend must be logged.
Petty cash float reconciliation
- Floats must be regularly checked to ensure that the value of receipts and float reconcile.
- Claim reimbursement or float top-up by completing a Petty Cash Reimbursement Form
(41kb).
Maintain petty cash float
- Receive float from secure carrier.
- As above, ensure the float is appropriately secured. Floats over £500 must be kept in a safe.
- Journal expenditure from the holding account to the appropriate project or GL code.
- Regularly check the coding to ensure GL reconciles.