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Business and Financial Policies and Procedures

10.5.3 Replenish Petty Cash Funds

Policy Statement

Petty Cash Funds may not be replenished for amounts greater than the original amount of the fund. Replenish the fund regularly, but at least quarterly. In addition, always include replenishing the Petty Cash Fund in your fiscal year-end procedures.

Procedure

To replenish Petty Cash Funds, the fund custodian must gather the following information before making the request:

  • A receipt for each expenditure. Vendor receipts should show the date, amount and description of purchases.
  • If a person other than the custodian makes a purchase, that person should sign and date the receipt or invoice when he/she is reimbursed by the custodian of the fund.
  • If the vendor does not normally furnish receipts, the custodian of the fund must verify the expenditure with a written receipt.

To replenish the Petty Cash Fund, the custodian initiates an employee reimbursement request in TEM:

  • Use "PCR" (for Petty Cash Replenish) at the beginning of the "Report Title" (Example: PCR Monthly Petty Cash).
  • Select the "Purpose - Employee Misc Expense Reimbursement."
  • Enter the "Business Purpose/Justification."
  • Select the "Payee Affiliation - Employee."
  • Click the Notes tab; click "Add Document Note," specify the following:
    1. Check pick-up date
    2. Denomination breakdown
    3. Location: UIC, UIUC, or UIS
    4. Name and phone number of the Petty Cash custodian.
  • Custodian must indicate the name and UIN of the person who incurred each expense either on the receipt, a scanned attached note, or Document Note.

University Payables (UPAY) will email USFSCO the Custodian Name, UIN and Amount for confirmation that the custodian is valid and up to date with required reconciliations and renewals. In addition, if there is a question with regard to the receipt and if Petty Cash is allowable, UPAY will also seek approval.

If USFSCO denies the Petty Cash Replenishment request, UPAY will reject the expense report, and the custodian will need to complete any outstanding compliance activities in order to resubmit the reimbursement request. If USFSCO approves, UPAY will process the replenishment.

After Approval of the Petty Cash Replenishment:

  • Department representative picks up the check and USFSCO will cash it for them. The custodian may authorize in writing a 'runner' to pick up, sign for and cash the check for them (with proper photo ID). It is not mandatory that the check be cashed at USFSCO. The custodian has the option to deposit or cash the check elsewhere.
  • The custodian will be requested to provide the total amount of the expenses submitted on a quarterly basis when they complete the online quarterly reconciliations. This information may be reviewed by OBFS to verify and ensure the amount and need of the open Petty Cash Fund is appropriate.
  • Expenses should be submitted for replenishment within the quarter that they were made, and must be submitted within the fiscal year that they were made.

Additional Resources

USFSCO Petty Cash & Change Funds
Petty Cash Fund Training
TEM Resource Page
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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