Petty Cash

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• Petty Cash
• Conference
• November 12, 2008

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Agenda

• Petty Cash Fund Set-up
• Petty Cash Replenishment
• Change of Custodian
• Petty Cash Fund Termination
• Cash Counts
• Verification Letters
• Most Common Errors
• Important Policy Reminders
• Policy Exceptions
• Questions Answers

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Petty Cash Set-up

• Required Documents
• Check Request
• Cash Action Form (signed and approved)
• Fingerprint Clearance Memo From UCPD
• Confirmation of Online Course
• Current CHR Letter (for research only)

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Petty Cash Replenishment

• Replenishments should be
• Submitted before fund is 50 depleted
• Charged to same DPA and Fund as on establishment
  request
• Receipts Must be
• Original
• Attached to 8.5x11 paper and total clearly
  stated on each page
• Signed off by Department PI if it is payment made
  to anonymous research subjects
• No rush requests!!!

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Change Of Custodian

• Required Documents
• Change of Custodian Form (signed and approved)
• Fingerprint clearance memo from UCPD for new
  custodian
• Confirmation of online course for new custodian
• Necessary even if change is temporary!!!

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Petty Cash Termination

• Required Documents
• Cash Settlement Fund Termination Form (signed
  and approved)
• Original Receipts
• Copy of Cash Deposit Journal

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Petty Cash Counts

• Cash counts by departments are mandatory
• Frequency of counts depends on type and amount of
  fund
• Cash counts should be performed by department
  manager or designee
• Discrepancies should be reported to the
  Controllers Office
• Controllers Office conducts random counts

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Verification Letters

• Sent on a semi-annual basis to custodians
• Balance on letter should be verified and signed
  by custodian and department manager
• Letters must be returned by due dates
• Discrepancies must be followed up by departments

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Common Errors

• Incorrect NCA charged on replenishment requests
• Cash Action Form without proper departmental
  approval
• White-outs on Cash Action Form
• Receipts submitted are copies, not original
• Replenishment requests sent to A/P instead of
  Petty Cash desk

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Reminders From Policy

• Petty Cash should not be
• Used for entertainment, meals or refreshments
  (unless specifically for research participants)
• Used for gas or other commute expenses (unless
  specifically for research participants)
• Exceed 100 per subject payment or transaction
• Deposited into a bank account

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Policy Reminders Cont

• Petty Cash should be
• Only accessible by the Custodian
• Kept separate from other funds (not co-mingled)
• Placed in a safe and/or secured place

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Policy Exceptions

• Policy exceptions are always considered not
  always granted
• New policy allows larger payouts to research
  subjects
• Contact Kevin Leung to request exceptions

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Petty Cash Staff

• Scott Fong Cash Controls Manager 476-0834
• Manages cash controls unit
• Kevin Leung Cash Supervisor 476-8878
• Manages petty cash
• Supervises reconciliation of Cash/Bank accounts
  to Weblinks, supervises all petty cash activity,
  oversees general depository account Bank of
  America and vendor payments account Wells Fargo
  Bank
• Toni Sims Cash Coordinator 502-8432
• Liaison between departments and banks, writes
  cash policy, approves policy exceptions, monitors
  credit card compliance
• Kim Quach Cash Administrative Assistant
  502-7251
• Petty cash administration
• Approves all cash journals related to credit card
  transactions to ensure transactions have been
  received by the bank monitors for timely
  journal preparation

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Thank You

• Questions Answers