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Business and Financial Policies and Procedures

10.5.5 Reconcile Petty Cash Funds Quarterly

Policy Statement

All Petty Cash Funds must be reconciled quarterly by unit head/supervisor or delegate, with the custodian present.

The fund custodian cannot, under any circumstances, perform the counting/reconciling of the cash; however, the custodian can fill out the online reconciliation form. 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.

Replenishment of the Petty Cash Fund will not be approved if reconciliations are not current. Quarterly reconciliations are due October 15, January 15, April 15, and July 15.

Procedure

To reconcile Petty Cash Funds quarterly:

  1. The unit head/supervisor or delegate confirms the fund by counting the cash and reconciling it each quarter in the presence of the custodian.
  2. Complete the online Petty Cash Quarterly Reconciliation form, which is located on the USFSCO Petty Cash & Change Funds Website.
  3. Print a copy for your records or save to your document/desktop by using the explore tool option located in the upper right corner of the screen. You can 'File', 'Save As', or 'Print' using this tool.
  4. Submit the form.
    • Submitting the form automatically generates an email to the unit head/supervisor or delegate who must reply indicating whether or not they approve the quarterly petty cash reconciliation.

Identified discrepancies must be rectified. Deposit overages with the USFSCO Cashier Office. The custodian repays shortages or are taken from the unit's operating funds. For more information, consult What to do if...

Forms Used in this Procedure

Petty Cash Quarterly Reconciliation

Related Policies and Procedures

10.5.2 Serve as a Petty Cash Fund Custodian

Additional Resources

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

Last Updated: January 22, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

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