Petty Cash Funds

  • Petty cash is a small amount of cash held in a department to be used to pay for small dollar purchases or reimbursements to staff and students. It reduces the need for departments to submit payment requests to Accounting Services for small dollar amounts.
  • A petty cash fund is generally issued for up to $200, although a larger amount can be requested if warranted.
  • A petty cash fund must have a designated custodian, who is responsible for:
      • safeguarding the fund;
      • distributing payments to claimants; and
      • collecting receipts to support disbursements.
  • To apply for a petty cash fund complete a cash float request and forward to Accounting Services. The cash float request must be authorized by the custodian's supervisor.
  • Petty cash funds should be kept in a secure locked location and access to the funds should be restricted to the custodian. Funds are subject to audit.
  • To replenish a petty cash fund:
      • complete a business expense reimbursement claim, payable to the petty cash custodian;
      • attach supporting receipts for the amount of petty cash that was spent;
      • ensure that the business expense reimbursement claim is authorized by the custodian's supervisor;
      • submit the claim, along with supporting to receipts, to Accounting Services.
  • The custodian's supervisor must advise Accounting Services when the custodian changes.
  • When the petty cash fund is no longer required, complete a business expense reimbursement claim and a cash and cheque remittance form. Submit both forms, along with all cash and receipts, to Accounting Services.