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This document outlines the procedures and guidelines for obtaining and using petty cash advances at The University of Akron.

How to fill out petty cash advance procedures

How to fill out Petty cash advance procedures and guidelines

1. Begin by obtaining the Petty Cash Advance Request Form from the finance department.
2. Fill out the required details, including your name, department, date, and the amount requested.
3. Clearly state the purpose of the cash advance and include any necessary details supporting the request.
4. Attach any relevant documentation or receipts that justify the need for the advance.
5. Review the completed form for accuracy and completeness.
6. Submit the form to your supervisor or manager for approval.
7. Once approved, forward the request to the finance department for processing.
8. After receiving the cash, ensure you keep the funds secure until used.
9. Keep detailed records of all expenditures made with the petty cash, including receipts and notes on each transaction.
10. Return any unused cash and submit a petty cash reconciliation report to the finance department as per the guidelines.

Who needs Petty cash advance procedures and guidelines?

1. Employees who need to cover small business-related expenses that cannot be paid through traditional procurement methods.
2. Accounting and finance staff who manage the petty cash funds.
3. Supervisors and managers overseeing the approval process.

People Also Ask about

What are the 7 steps in setting up your petty cash fund?

Step 1: Custodian appointment. Initiating the imprest system begins with appointing a petty cash custodian. Step 2: Funding account. Step 3: Secure funds. Step 4: Policy establishment. Step 5: Record disbursement. Step 6: Receipt requirement. Step 7: Monitor Spending.

What are the steps for petty cash?

Written request to the Controller - stating reasons the fund is needed. The request should identify the petty cash fund custodian and one other employee that is designated as a back up to the custodian. Complete a voucher request with the requested dollar amount filled in.

What are the procedural steps when disbursing petty cash?

Here are some steps included in a petty cash procedure: Filling out a request form. Obtain the petty cash. Add the cash to the fund. Record vouchers in the general ledger. Monitor disbursement requests. Unlock petty cash. Complete the voucher. Disburse cash.

What are the basic petty cash procedures?

The petty cash custodian (the person managing the fund) lists the amount of cash on hand, vouchers, and any overages. Petty cash vouchers are receipts that show the amount, date, and purpose of each expenditure. The accounting staff reviews the form, approves it, and sends it to the accounts payable team.

What are the 7 steps in setting up your petty cash fund?

Step 1: Custodian appointment. Initiating the imprest system begins with appointing a petty cash custodian. Step 2: Funding account. Step 3: Secure funds. Step 4: Policy establishment. Step 5: Record disbursement. Step 6: Receipt requirement. Step 7: Monitor Spending.

What are the procedures of petty cash book?

Steps to record petty cash transactions in a petty cash book Opening balance. Initiate the petty cash record with an accurate opening balance. Record cash expenses as per category. Categorize and record cash expenditures meticulously. Petty cash vouchers. Closing balance. Record fund replenishment.

For pdfFiller’s FAQs

What is Petty cash advance procedures and guidelines?

Petty cash advance procedures and guidelines outline the process for requesting, using, and managing petty cash funds within an organization. They ensure proper accountability and control over small cash expenditures.

Who is required to file Petty cash advance procedures and guidelines?

Employees who handle petty cash or require reimbursement for petty cash expenditures are required to file petty cash advance procedures and guidelines to ensure compliance with organizational policies.

How to fill out Petty cash advance procedures and guidelines?

To fill out the petty cash advance procedures and guidelines, individuals should complete the required forms, providing details such as the purpose of the cash advance, amount requested, date, and necessary approvals from management.

What is the purpose of Petty cash advance procedures and guidelines?

The purpose of petty cash advance procedures and guidelines is to manage small cash transactions efficiently, avoid delays in minor purchases, and maintain accurate financial records for auditing purposes.

What information must be reported on Petty cash advance procedures and guidelines?

Information that must be reported includes the date of the advance, the amount requested, the purpose of the expense, any receipts or documentation for future reference, and approvals or signatures from authorized personnel.