How To: Set Up New Petty Cash Fund
Who does this? Certified Petty Cash Custodians
When? Once a designated custodian has been certified and Cash Management has approved a request from a Department Head for a new petty cash fund
How? By procuring needed supplies and securing funds
Set Up New Petty Cash Fund (4 steps)
Receive a check for the petty cash fund amount from the Disbursements Department.
Note: The check will be delivered to Petty Cash Custodian's ID Mail address.
Purchase needed supplies:
- Received of Petty Cash Forms
- Lock box
Secure petty cash funds:
- Cash check from Disbursements at a bank.
- Place petty cash funds in lock box.
- Store lock box in locked desk or cabinet.
Note 2: You may use the Petty Cash Bank Replenishment Form to instruct the bank on how you would like the cash (amount of specific currency and coins).
Create filing and recording system for petty cash transactions:
- Each department creates its own system for logging reimbursements made to employees and retaining all documentation.
What Happens Next?
- The Petty Cash Custodian remains accountable for the petty cash until fund closes or a new custodian is designated. See How To: Close a Petty Cash Fund, How To: Change Petty Cash Custodian and How To: Assign a Temporary Custodian During Planned Absence.
- Financial Support Center (3-2772)