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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 unit head/supervisor or delegate, with the custodian present.

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

Begin

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 is equal to the total amount of the Petty Cash Fund.
  4. 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...
  5. Print a copy for your records or save to your document/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

USFSCO Petty Cash & Change Funds
Petty Cash Fund Training
What to do if...
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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