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PETTY CASH

PETTY CASH. July 16, 2007. Petty Cash. Purpose: use for small and emergency purchases, not on-going expenses. Should NOT be used as a substitute for the normal processing of vendor payments, loans, personal items, or cashing a check.

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PETTY CASH

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  1. PETTY CASH July 16, 2007

  2. Petty Cash • Purpose: use for small and emergency purchases, not on-going expenses. • Should NOT be used as a substitute for the normal processing of vendor payments, loans, personal items, or cashing a check. • Reimbursable: Expenditures must not exceed the amount of the established fund.

  3. ESTABLISHING A PETTY CASH FUND • All requests to establish a petty cash fund must be in writing (memo or email) to the Auditor-Controller • Describe the purpose • State the estimated size of the fund • Specify the means to protect the fund against loss or misuse • Requests for change should explain the need and provide supporting documentation

  4. Petty Cash – Security • Review “Recommended Internal Control Procedure for New Revolving Fund” memo from Auditor-Controller. • Custodian responsible for accounting & safeguarding of cash & proper receipts should be MAC Chair or Treasurer. • Cash & receipts have to be maintained in a LOCKED cash box. • Cash & receipts must be maintained in the District Supervisor office.

  5. Reconciliation of Petty Cash Fund • Use “MAC Petty Cash Reconciliation” worksheet to reconcile expenditures and receipts per the General Ledger on a regular basis. • Regular Basis: once a month (recommended)

  6. Reimbursements & Replenishment • All purchases must be supported by proper documentation: D.15 Demand, original receipt or register tape • Documentation must be signed by person who made the purchase • TC-52 County Coding Slip can replenish the fund • Replenish once a month • Cash should be counted each time replenishment is requested • Discrepancies between total cash on hand plus receipts and vouchers should be reported to Auditor-Controller immediately

  7. Reconciliation - Access to Finance Ledger • Access to Auditor Controller’s Intranet Site. • Contact with Jennifer Webber to add your name on Auditor’s monthly financial report email distribution list • (925)646-2891 • jwebb@ac.cccounty.us

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