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Petty Cash Accounts Procedure Manual

Petty Cash Accounts Procedure Manual. Finance Department Budgets/Student Financial Activities Division . Petty Cash Overview. Checking Account Policies. Petty Cash Overview. The petty cash system is not intended to replace the purchase order process.

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Petty Cash Accounts Procedure Manual

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  1. Petty Cash AccountsProcedure Manual Finance Department Budgets/Student Financial Activities Division

  2. Petty Cash Overview Checking Account Policies 1

  3. Petty Cash Overview • The petty cash system is not intended to replace the purchase order process. • The petty cash process is intended to provide expediency to the school location for emergency purchases only. • Refer to Appendix A for Board Policy 2

  4. Petty Cash Overview • In order to issue a petty cash check, you must first have the available funds in your student activity accounts. 3

  5. New Procedures Effective in 2008-2009 4

  6. NEW PROCEDURES EFFECTIVE IN 2008-2009 • Each school is allowed a maximum of 3checks per semester to be used for emergencies only. • All other pre-established limits and guidelines set by the Chief Financial Officer must be followed. • All checks written after the 3rdcheck in any one semester must be approved by the Budgets/SFA office. 5

  7. NEW PROCEDURES EFFECTIVE IN 2008-2009 (Cont’d) • A Request for Petty Cash Check Approval form must be submitted to the Budgets/SFA office for all checks after the 3rd check of each semester. • If a check is written after the 3rd check without approval, the school will lose their check writing privileges and the checkbook will be confiscated immediately. 6

  8. NEW PROCEDURES EFFECTIVE IN 2008-2009 (Cont’d) • A Request for Petty Cash Check Approval form will only be approved by the Budgets/SFA office for school emergencies and scholarships. • Refer to Appendix B for Request for Petty Cash Check Approval form 7

  9. Petty Cash Procedures Signature Cards 8

  10. Signature Cards • A Signature Card must be signed by each principal and be on file at Key Bank. All signature cards must be returned to the Budgets/ SFA office. Do not return signature cards to Key Bank branches. • All new principals including principals assigned to a new school must sign a new signature card. (Refer to Appendix E for new signature card form and Appendix F for change of signer request form) • Principals who remain at the same school do not have to sign a new signature card each year. 9

  11. Petty Cash Procedures Checkbooks 10

  12. Checkbooks • Checks will be ordered by the Budgets/SFA Office. • Email your analyst to order additional checks before you run completely out. It takes 2-3 weeks for delivery. • A check cannot be written from the school’s checkbook until there is a signature card on file at Key Bank with the current signer’s signature. 11

  13. Petty Cash Procedures Petty Cash Dollar Limits 12

  14. Petty Cash Balance Requirements • In order to receive a petty cash checkbook your school must have a minimum student activity fund balance of $1,500. • This includes all student activity funds 018,200,300 & 0185. 13

  15. Petty Cash Checking Account Limits 14

  16. Individual Check Limit • You must complete a Request for a Petty Cash Check Approval form if the check is more than the established limits for your school. 15

  17. Petty Cash Procedures Reimbursement Process 16

  18. Petty Cash Reimbursement Process • Each check must be accompanied by a pay-out voucher form and a receipt. • Pay-Out voucher forms must include a justification for the purchase. • Attach receipts/invoice to the pay-out form. • Refer to Appendix C for the pay-out voucher form. 17

  19. Petty Cash Reimbursement Process Continued • Complete a reimbursement form. (Refer to Appendix D for the Petty Cash Reimbursement form) • Receipts/Invoices must equal the total amount of checks written. Total Reimbursement = Petty Cash Start-Up – Remaining Balance 18

  20. Petty Cash Reimbursement Deadlines • Reimbursements must be submitted at the end of each semester. • 1st Reimbursement due on: Jan. 30, 2009 • Final Reimbursement due on: June 5, 2009 19

  21. Petty Cash Procedures Do’s & Don’ts 20

  22. Important Do’s • Adhere to the 3 check per semester limit policy without prior approval of Budgets/SFA Office • A Request For Petty Cash Check form must be approved by the Budgets/SFA Office after the 3rdcheck is written in any one semester. • Checks must be signed by the principal or principal’s designee. Designee’s signature must be on file at KeyBank as well. 21

  23. Important Do’s (Continued) • All receipts/deposits are to be turned in as collected and deposited only into the board account # 1001999912. Every school must use the coded deposit tickets only. • Submit monthly reports to the Budgets/SFA Office by the 3rd business day of each month for the previous month. • Always use the coded deposit tickets with the correct fund numbers when making deposits. 22

  24. Important Do’s (Continued) • All major purchases should be paid by a purchase order or a direct pay if under $250.00 • Turn in all Sam’s Club cards at the end of the school year 23

  25. Important Don’ts • Do not make cash payments • Do not make deposits in the petty cash checking account • Secretaries are never to sign checks • Do not hold money in safe for more than 24 hours • Do not pay or reimburse sales tax 24

  26. Important Don'ts (Continued) • Do not write a check without a receipt • Do not make a check payable to yourself or any other signer. You must be reimbursed with a P.O. or direct pay • Do not issue a check if it is not an emergency (Issue a P.O.) • Do not write a check if you don’t have the available funds in your petty cash account • Do not write a check to an individual (including employees) for services rendered. This would include DJ’s, caterers, or any other professional. 25

  27. Important Don’ts (Continued) • Do not write a check over the check writing limit without the approval of the Budgets/SFA Office • Do not write more than 3 checks per semester without the prior approval of the Budgets/SFA Office • Do not call in vendor orders • Do not purchase anything that is not directly related to the students 26

  28. 4 Ways to Lose Your Checkbook • If checking account is overdrawn • If monthly reports are not received by the 3rd business day of each month for two consecutive months • Writing checks over the stated limits without approval • Writing more than the 3 checks in one semester without the approval of the Budgets/SFA Office 27

  29. Petty Cash Appendix Appendix A - Board Policy Appendix B - Request for Petty Cash Check Appendix C - Sample Pay-Out Voucher Appendix D - Petty Cash Reimbursement Appendix E - Signature Card for New Accounts Appendix F - Signature Card for Change of Signer 28

  30. Appendix A: Board Policy 29

  31. Appendix B: Request for Petty Cash Check Approval 30

  32. Appendix C: Sample Pay-Out 31

  33. Appendix D: Petty Cash Reimbursement Form 32

  34. Appendix E: New Account Signature Card 33

  35. Appendix F: Signature Card Change of Signer Request 34

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