Business and Financial Policies and Procedures
 

Reconcile Petty Cash Funds Quarterly

Before You Begin

The unit head or delegate verifies the fund by reconciling it each quarter in the presence of the custodian. The fund custodian cannot, under any circumstances, perform the quarterly reconciliation. University Student Financial Services and Cashier Operations (USFSCO) monitors the completion of quarterly reconciliations and will notify the fund custodian if the quarterly reconciliation has not been received.

Reimbursements will not be approved if reconciliations are not current. Quarterly reconciliations are due October 15, January 15, April 15, and July 15.

Begin

To reconcile petty cash funds quarterly:

  1. Complete the online Petty Cash Fund Verification Form which is online at the USFSCO Petty Cash & Change Funds Website.
  2. Reconcile all discrepancies. Deposit overages with the USFSCO Cashier Office. The custodian repays shortages or they are taken from the unit’s operating funds. For more information, consult What to do if...
  3. Print a copy for your records
  4. Submit the form.
  5. USFSCO e-mails the verifier asking them to confirm they participated in the reconciliation.

 

Forms Used in this Procedure

Petty Cash Fund Verification

Related Policies and Procedures

Serve as a Petty Cash Fund Custodian

Additional Resources

USFSCO Petty Cash & Change Funds
What to do if...
Reconciliation in Definitions
Petty Cash Reconciliation Due Dates
Campus USFSCO Office locations and hours:
    Urbana
    Chicago
    Springfield

 

Last Updated: October 21, 2011 | Approved: Senior Associate Vice President for Business and Finance - February 2008