Accounting for Petty Cash Transactions

Proper accounting for petty cash requires that custodians make payments for authorized expenditures only, obtain receipts, and record expenditures. All receipts must be original receipts, indicating vendor name, items purchased and date. Each receipt should be documented with the following information:

1. Date reimbursed or payment issued.
2. Signature of recipient
3. Description and business purpose of each transaction amount
4. University account number to be charged

The Request for Reimbursement requires approval signature by custodian of petty cash fund except in the case where it is the custodian being reimbursed. In that situation, signature approval is required by the custodian's supervisor.

In cases where revenues are received, these revenues should be periodically deposited, at least weekly.

If receipts are not available (i.e., receipts are not typically given), a handwritten note describing the item paid for will suffice. However, all of the above information needs to be included.