Back to Top
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 the unit head, supervisor, or delegate, with the custodian present.

The fund custodian cannot, under any circumstances, perform the counting/reconciling of the cash. The custodian may fill out the online reconciliation form. University Bursar 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 of each fiscal year.

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 Petty Cash Quarterly Reconciliation form.
  3. Print a copy for your records or save to your 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 they approve the quarterly petty cash reconciliation.

Identified discrepancies must be rectified. Deposit overages with University Bursar Cashier Operations. The custodian repays shortages, or replacement funds are taken from the unit's operating fund(s). 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

University Bursar Petty Cash & Change Funds
Petty Cash Fund Training
Reconciliation in Definitions
Petty Cash Reconciliation Due Dates
Campus University Bursar Office locations and hours:
    Urbana
    Chicago
    Springfield

Last Updated: June 18, 2020 | Approved: Senior Associate Vice President for Business and Finance | Effective: February 2008

Give us feedback about this page Submit Feedback