Get the free Departmental Petty Cash Fund Policy and Procedures - Old ...

OLD DOMINION UNIVERSITY DEPARTMENTAL FINANCIAL AND ADMINISTRATIVE PROCEDURES AND PRACTICES MANUALTITLE:A. Reimbursable Meal LimitsProc #: 6708PURPOSE The purpose of this guideline is to provide the

How to fill out departmental petty cash fund

How to fill out departmental petty cash fund:

1. Collect all necessary receipts and invoices for expenses incurred.
2. Organize the receipts and invoices by date and category.
3. Prepare the petty cash fund reconciliation form, including the beginning cash balance, the total amount of receipts, and the ending cash balance.
4. Calculate the total amount of expenses by adding up the receipts.
5. Verify that the ending cash balance matches the calculated total of expenses.
6. Write a brief explanation for any shortages or overages and attach supporting documents.
7. Submit the completed petty cash fund reconciliation form to the appropriate department for review.

Who needs departmental petty cash fund:

1. Small businesses or departments that frequently require cash for minor expenses, such as office supplies, taxi fares, or meals.
2. Organizations that prefer to have a separate fund for these types of expenses instead of reimbursing employees individually.
3. Department managers or employees responsible for handling small cash transactions and keeping track of expenses.

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What is departmental petty cash fund?

The departmental petty cash fund is a small amount of cash reserved for making small purchases, reimbursements, or other minor expenses related to the department's operations.

Who is required to file departmental petty cash fund?

Departments or units within an organization that handle small cash transactions are required to maintain and file departmental petty cash funds.

How to fill out departmental petty cash fund?

To fill out a departmental petty cash fund, one must record all expenses, reimbursements, and cash withdrawals, while maintaining proper documentation and receipts.

What is the purpose of departmental petty cash fund?

The purpose of departmental petty cash fund is to facilitate small cash transactions and minor expenses without the need for formal approval processes.

What information must be reported on departmental petty cash fund?

The information that must be reported on a departmental petty cash fund includes details of all transactions, receipts, cash balances, and reimbursements.