Petty Cash – Medical Campus

Petty Cash – Medical Campus (Metro Credit Union)

Detailed Operating Procedures for Petty Cash Funds

OPENING A PETTY CASH FUND

Complete a Petty Cash Action Form.
- Check the box for “New” in section 1.
- Complete sections 2-5.
- Section 3 – If petty cash fund purpose is to pay Human Subject Payments, please include an estimated project end date.
- Determine the requested fund amount by estimating expenditures for a 30- day period (generally not to exceed $500 in most cases).
- Custodian and Primary Authorized Signer information and signatures are required. Alternates are optional but signatures are required if they are to be included. Maximum of 2 alternates are allowed.
Submit completed form to Cashier Services, 25 Buick Street, Suite 130; or email a scanned copy with required signatures via our new Customer Service Portal.
Cashier Services will notify the custodian when a decision is made regarding the establishment of a new fund.
The establishment of a new petty cash fund may take up to 1 week.
All petty cash Custodians are required to complete a training before a fund is established. Please contact Cashier Services for more information.

NEW FUND RETRIEVAL

Upon notification from Cashier Services, the petty cash custodian may open and receive the funds by presenting his/her Boston University ID card at the Metro Credit Union* located at 1071 Mass Ave., during normal business hours:

Monday – Wednesday:	8:30 A.M. – 5:00 P.M
Thursday – Friday:	8:30 A.M. – 6:00 P.M
Saturday:	8:30 A.M. – 1:00 P.M.

* Boston University transactions can be made at 1071 Mass Ave. Branch ONLY.

Please be sure to procure a locked cash box in advance. A 100100 GL account will be created at the time of retrieval. This account will be charged when a fund is opened, re-opened, increased/decreased, or closed. Your departmental accounts will not be expensed at this time. Expenses are booked when a replenishment request is submitted.

PETTY CASH DISBURSEMENTS

Small and approved business purchases should be made using monies from the petty cash fund when possible. Employee out of pocket expenses under $50 may be reimbursed using petty cash. Employee out of pocket expenses over $50 should be replenished via AP’s Concur system, not petty cash.

Non-Subject Payments

Custodian will provide the individual making the purchase with enough money to cover the expense. Change, if any, must be returned by the purchaser and placed back in the fund box by the Custodian.
If an individual makes an approved out of pocket business expense, the receipt must be submitted to the Custodian within 30 days of the receipt. The Custodian will reimburse the individual the exact amount on the receipt using funds from the petty cash box.
A receipt should be obtained for each expenditure. Vendor receipts should show the date, amount and description of the purchases. If a receipt could not be provided or was lost, the purchaser must complete a “Missing Receipt Affidavit Form for Petty Cash Reimbursement” in lieu of a receipt with appropriate date, amount, and description/reason for expenditure. The Custodian will review and approve if deemed appropriate.
A “Petty Cash Voucher Slip” must be completed by the Custodian for each disbursement.
The individual receiving the cash must sign for each transaction in the “Received by” section of the slip and the Petty Cash Custodian must sign the “Approved by” section.
Petty cash Custodians making the purchase must have the Primary Authorized Signer of the fund sign for the transaction in the “Approved by” section of the slip.
The petty cash fund Custodian must attach the sales receipt to the back of the “Petty Cash Voucher Slip”. If a receipt is lost or misplaced, the “Missing Receipt Affidavit Form” should be attached to the “Petty Cash Voucher Slip”.
The sum of “Petty Cash Voucher Slips” plus the cash left on hand must equal the full general ledger balance of the petty cash fund.
Please provide an adding machine tape (or excel spreadsheet) of all the receipts on hand.
The account to be charged for each receipt must be noted on the “Petty Cash Voucher Slip”. The GL account should be appropriate for the purchase description.
- NOTE: For a list of acceptable GL accounts for Petty Cash, refer to the spreadsheet: GL-Descriptions for Petty Cash.

Human Subject Payments

Fill out and submit the “Human Subject Reimbursement Tracking Sheet”.
All subject payment expenses should be recorded to the 535200 GL account.
Questions concerning the propriety of any disbursement from petty cash must be directed to the Manager of Cashier Services at 617-353-3896.

PETTY CASH REIMBURSEMENTS

At least monthly, or sooner if the funds are running low, the Custodian must replenish the funds and record the expenses in the General Ledger via an SAP Cashier Upload. Please click here, for more information on the Cashier Upload process.
Prepare/submit an SAP Cashier upload.
Submit the completed upload entry to Cashier Services with the supporting documentation (receipts and/or human subject log). The entry may be e-mailed to cashier@bu.edu or mailed to Cashier Services located on the First Floor of 25 Buick Street, Suite 130, Boston, MA 02215.
Upon approval from Cashier Services, authorized individuals must present a copy of the upload entry along with a BU ID to Metro Credit Union*, located at 1071 Mass Ave. Petty Cash Funds must be replenished at least once a month. This action ensures that the expenses are recorded in the proper accounting period.

* Boston University transactions can be made at 1071 Mass Ave. Branch ONLY.

INCREASE/DECREASE A PETTY CASH FUND

The Petty Cash Custodian must complete and get required signatures on a Petty Cash Action Form.
Check the box for “Increase/Decrease” in section 1.
Complete sections 2-5.
- Section 3 – Circle the appropriate action, Increase or Decrease. Enter the amount of your current fund in “Current Fund Amount” and enter the amount of your new desired petty cash fund balance in “Revised Amount of Fund.” The difference will be the amount you will deposit (to decrease) or the amount that will be disbursed (to increase) the fund balance.

INCREASE

Submit the completed form to Cashier Services, 25 Buick Street, Suite 130 or via our new Customer Service Portal.
Upon approval from Cashier Services, authorized individuals must present their BU ID to Metro Credit Union, located at 710 Albany Street.

DECREASE

Submit the completed form to Cashier Services, 25 Buick Street, Suite 130 or via our new Customer Service Portal.
Upon approval from Cashier Services, please bring your funds to Metro Credit Union, located at 1071 Mass Ave. for deposit.

CLOSING A PETTY CASH FUND

To close a petty cash fund, the Custodian should complete a “Petty Cash Action Form.”
Check the box for “Close” in section 1.
Complete sections 2-5.
- Section 3 – Revised amount of fund will be zero.
Submit the completed form to Cashier Services, 25 Buick Street, Suite 130 or via our new Customer Service Portal.
Upon approval from Cashier Services, please bring the funds to the Metro Credit Union, located at 1071 Mass Ave. for deposit.

CHANGE OF CUSTODIAN

Petty cash funds are not transferable from one employee to another. The current Petty Cash custodian must close the petty cash fund prior to transferring to another position, terminating employment, or going on a leave of absence. See instructions above on, “Closing A Petty Cash Fund.”
New Petty cash custodians must complete a petty cash training before a fund is established. Please contact Cashier Services for more information.
Once the training is complete, the New petty cash custodian must complete a “Petty Cash Action Form”.
Check the box “Re-Open” in section 1.
Complete sections 2-5.
Submit the completed form to Cashier Services, 25 Buick Street, Suite 130 or via our new Customer Service Portal.
Upon notification from Cashier Services, the petty cash custodian may re-open and receive the petty cash by presenting his/her Boston University ID card at Metro Credit Union.

Fiscal Year End

In order to ensure that all fiscal year expenses are correctly recorded, all petty cash Custodians are required to replenish their petty cash during the month of June.
Cashier Services must review all petty cash funds prior to the close of the fiscal year.
Custodians MUST bring all receipts AND cash on hand to Cashier Services for verification. PLEASE NOTE: You must bring all cash on hand even if you are reimbursing your account.
Cashier Services will send out an email prior to fiscal year end to set up appointments to complete the fiscal year end verification at a location on the Medical Campus instead of Cashier Services on the Charles River Campus if that is more convenient. If you are unable to complete the verification at Cashier Services you MUST reply back to the email to schedule an appointment on the specified dates.
Departments must reexamine whether the petty cash account is still required to meet the department’s business needs, or if alternative disbursement methods could be used. If there is a continued business need for petty cash, departments should limit the petty cash account to the lowest amount that will meet those needs in a 30-day period.