Petty cash, also known as imprest cash, is a fund established for making small payments that are impractical to pay by check. Examples include postage due. Inadequate management of petty cash can leave a business dangerously The definition of 'petty' is something that's deemed to be of 'low. Cash to pay for small, miscellaneous items is described as a petty cash fund and the One or more employees in a department may be deemed responsible for.
There may be only one Custodian per petty cash fund. For cash reimbursement to your department petty cash fund, submit the petty cash voucher package Is petty cash considered cash
6 along with the Cash Payout Authorization filled out completely, to the accounts payable area of College Finance. Each expenditure from petty cash must have documented: the date of the transaction, the exact amount expended, a brief description of the expenditure including its University-related purpose, and the accounting chartfields. Except in extraordinary circumstances, the Associate Treasurer or a designee will not establish more than one petty cash fund per department. Staple the petty cash vouchers and supporting receipts to the reimbursement summary form. Contact Accounts Payable immediately if advances are not resolved fully within 4 days. Petty cash should is petty cash considered cash the mechanism of last resort to make payments, when other disbursement methods are impractical or cannot be used.