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Business and Financial Policies and Procedures

10.5.4 Verify Petty Cash Funds Monthly

Policy Statement

All Petty Cash Funds must be verified monthly by the unit head, supervisor, or delegate, with the custodian present.

The fund custodian cannot, under any circumstances, perform the monthly counting of the cash. The custodian may fill out the Petty Cash Fund Verification form.

Procedure

To verify Petty Cash Funds monthly:

  1. The unit head, supervisor, or delegate verifies the fund by counting the cash each month in the presence of the custodian.
  2. Complete the Petty Cash Fund Verification form.
  3. Ensure that the amount of cash on hand and the total amount of receipts equals the total amount of the Petty Cash Fund.
  4. Reconcile all discrepancies. Deposit overages with the University Bursar Cashier Office. The custodian repays shortages, or replacement funds are taken from the unit's operating fund(s). For more information, consult What to do if...
  5. Print a copy of the Petty Cash Fund Verification form for your records or save a copy to your desktop by using the explore tool option in the upper right corner of the screen. You can 'File', 'Save As', or 'Print' using this tool.

Forms Used in this Procedure

Petty Cash Fund Verification

Additional Resources

University Bursar Petty Cash & Change Funds
Petty Cash Fund Training
What to do if...
University Bursar office locations and hours:
   Urbana-Champaign
   Chicago
   Springfield

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

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