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Illinois Petty Cash Funds
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Multi-State
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US-178-AZ
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How to fill out Petty Cash Funds?
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FAQ
Change fund: A set amount of money used by a department to make change for customers who are purchasing goods or services. The selling of such goods or services must have been previously approved through appropriate channels.
Petty cash should not to be used as an operating fund, i.e., to pay invoices for goods or services, to pay salaries or wages, or to make advances or loans. In accordance with Policy 1505, the petty cash fund cannot be used to: Purchase goods currently covered by a University negotiated contract.
The petty cash fund can be operated in the two ways: ordinary and imprest system of petty cash fund.
At all times, the balance in the petty cash box should be equal to the cash in the box plus the receipts showing purchases. For example, the Galaxy's Best Yogurt maintains a petty cash box with a stated balance of $75 at all times. Upon review of the box, the balance is counted in the following way.
A petty cash fund is established for the payment of small (less than $10) charges or for non recurring charges, such as freight. Petty cash funds are not to be used for travel or entertainment expenses. A change fund is established to make change at sales locations.
Petty cash provides convenience for small transactions for which issuing a check or a corporate credit card is unreasonable or unacceptable. The small amount of cash that a company considers petty will vary, with many companies keeping between $100 and $500 as a petty cash fund.
Petty cash funds should be properly secured at all times. Access to the funds should be restricted to one person (e.g., the petty cash custodian or a specified cashier). Cash on hand and receipts for disbursements made should always equal the assigned amount of the petty cash fund.
Petty cash provides convenience for small transactions for which issuing a check or a corporate credit card is unreasonable or unacceptable. The small amount of cash that a company considers petty will vary, with many companies keeping between $100 and $500 as a petty cash fund.
The purpose of a petty cash fund is to provide business units with sufficient cash to cover minor expenditures. The intent is to simplify the reimbursement of staff members and visitors for small expenses that generally do not Exceed $25.00, such as taxi fares, postage, office supplies, etc.
The purpose of the petty cash fund is to provide cash on hand for a department to reimburse small recurring expenses of $100 or less to employees. The purpose of the change fund is to make change for cash sales.
