Fiscal Policy Workshop

1
Fiscal Policy Workshop

• Petty Cash
• April 18, 2007

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Fiscal Policy 525

• Departmental petty cash funds
• Available as needed
• Reference items 1 8 in policy
• Year end reconcilements
• Reimbursement of departmental expenses
• PCards have reduced petty cash usage
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  
  

3
Prohibitions

• Do not use with other UT departments
  (9)
• Do not use for purchases over 5,000
• Use T-44 for expenses gt 200
• Do not pay sales tax when paying via a petty cash
  check (11)
• Any departments pay via a petty cash check?
• Pay sales tax when paying via cash and claiming
  reimbursement
  (12)
• Do not use for check cashing, loans, salary
  advances, or personal purchases
  (13)
• Do not use for casual labor over 50
  (14)

4
Receipt Requirements

• Vendors invoice
• Proof of payment
• Stamped paid with an official vendors stamp,
  or
• Marked paid signed or initialed by the
  vendor, or
• Processed thru the cash register to indicate a
  cash sale
• Complete list description of items/services
• Detailed cash register or other vendor receipt
• Itemized list and price per item
• Vendors name imprinted on receipt

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Receipt Requirements, contd

• Undetailed cash register or other vendor receipt
• Must contain date and vendors imprint
• Petty Cash form T-4 must include
• Vendors name
• Signature of vendor or payee
• Date of purchase
• General description and price of each item
• Total amount
• Account number/GL account to be charged
• Departmental approval
• (16)

6
Entertainment Receipts

• Itemized receipt with the following info
• Purpose of function
• Date of function
• Number of persons being entertained
• Average price per person, including beverage
• Alcoholic beverages must be identifiable on the
  receipt charged to an appropriate R account
• Total amount
• 500 must be approved by CBO
• Policy 715, items 6c d

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Questions?