Petty Cash Audit Departmental Responsibilities
The petty cash audit will be performed biannually.
On April 1 and October 1, Financial Reporting and Accounting will send out audit request emails to the listed petty cash custodians and designated supervisors. The custodians will be asked to record a count of currency – meaning cash and coin – and a total of any unreimbursed purchase receipts.
The total of cash and receipts should equal the total amount of the petty cash that was requested and held by the custodian. This count must be performed with the designated supervisor. Completion of a short survey is also required.
The custodian needs to fill out the petty cash count and petty cash survey and sign and date each form. They will need to be returned as email attachments to FRA within 15 days, meaning the deadlines are April 15 and October 15.
If the petty cash audit forms are not returned within 30 days, the petty cash fund will be closed.
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- Fill out a “Petty Cash Reimbursement” form. This form is found on the General Accounting web
site under forms. - Fill out an Electronic Payment Request (ePR). The ePR tile is located on the Accounts Payable
website. Attach the petty cash reimbursement form and the scanned receipts. - Once the custodian gets the check, they should cash it to replenish the petty cash fund. Cashing
a check for petty cash can be done through Income Accounting or at the custodian’s personal
bank. If done at Income Accounting, please call ahead of time if the check amount is over
$300.00 so they can have the cash on hand
- Fill out a “Petty Cash Reimbursement” form. This form is found on the General Accounting web
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- Make sure that all receipts have been reimbursed and the amount of cash on hand is what is in
the petty cash account on the balance sheet. - Fill out a departmental deposit form to deposit the funds and send to Income Accounting. Use
the account 10100 to credit the deposit funds. - Fill out the Petty Cash/Change Form and attach a copy of the departmental deposit form and
send to General Accounting - General Accounting will then close the petty cash fund.
- Make sure that all receipts have been reimbursed and the amount of cash on hand is what is in