Petty Cash – Charles River Campus

BU Central T-stop

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.
  • Submit completed form to Cashier Services, located on the First Floor of 25 Buick Street, Suite 130; or 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 training before a fund is established. Please contact Cashier Services for more information.

NEW FUND RETRIEVAL

  • Upon notification of an approved petty cash fund, the petty cash Custodian may receive the funds by presenting his/her BU ID at Cashier Services, located on the First Floor of 25 Buick Street, Suite 130; Monday through Friday from 9:00 AM to 3:00 PM. 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” 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 at all times.
  • Please provide an adding machine tape (or excel spreadsheet) of all the receipts on hand to be reimbursed.
  • 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.

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 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 and a petty cash reimbursement form processed by Cashier Services. Replenishments are completed at Cashier Services located on the First Floor of 25 Buick Street, Suite 130; Monday – Friday 9:00 AM – 3:00 PM.
  • Reconcile the fund: the total of all the receipts plus the remaining cash on hand must equal the full General Ledger balance of the petty cash fund.
  • Prepare/submit an SAP Cashier upload. Please click here, for more information on the Cashier Upload process.
  • Fill out the “CRC Petty Cash Replenishment Form” form.
    • Enter your 10-digit Petty Cash Fund Number
    • Department Name
    • Total amount of your petty cash reimbursement that is being processed
    • SAP Document Number: 10-digit number generated from your YC upload
    • Custodian of the fund MUST sign the Petty Cash Fund Custodian Approval section. The individual picking up the reimbursement (custodian or alternate) must sign the Reimbursement section.
    • For each instance, individuals who are not already listed as alternates replenishing the fund on behalf of the Custodian, must bring a permission letter from the Custodian allowing the individual to pick up the cash. The Custodian’s signature and date must be included on this memo as well as the name and BU ID number of the individual who is picking up the petty cash.
    • All individuals must present identification (BU ID or Driver’s License with BU ID number) to replenish the fund.
  • Present a copy of the upload entry, CRC Petty Cash Replenishment Form (with supporting documentation and receipts), along with a BU ID to Cashier Services to retrieve the reimbursement.

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, located on the First Floor of 25 Buick Street, Suite 130; or via our new Customer Service Portal.
  • Upon approval and notification of Cashier Services, the petty cash Custodian may receive the petty cash increase by presenting his/her BU ID at Cashier Services, located on the First Floor of 25 Buick Street, Suite 130; Monday through Friday from 9:00 AM to 3:00 PM.

DECREASE

  • Decreases will not require prior approval from Cashier Services. The form can be presented directly at the Cashier window with receipts and/or cash to be recorded/deposited for the decrease.

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.
  • Present completed form along with all cash and/or receipts directly to Cashier Services, located on the First Floor of 25 Buick Street, Suite 130.
  • To close out a petty cash fund, you must have the total amount of the fund on hand. A replenishment may be required if you have outstanding receipts that have not been reimbursed yet.

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 approval and notification of Cashier Services, the petty cash Custodian may receive the petty cash re-open by presenting his/her BU ID at Cashier Services, located on the First Floor of 25 Buick Street, Suite 130, Monday through Friday from 9:00 AM to 3:00 PM.

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.
  • Departments must re-examine 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.