Petty Cash Fund

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Overview:

The management and use of petty cash are regulated under AR Code 3451
Special Instructions: All expenditures must be supported by Cash Receipts and a Petty Cash Slip. These receipts must clearly show the items(s) that have been purchased. The balancing of this Petty Cash is the responsibility of the Principal or Department Head. No reimbursement will be made for items without Cash Receipts.

START OF YEARSee More

Before using petty cash each year, a Petty Cash Agreement Form must be completed by the Petty Cash Administrator and the Supervisor.

The amount of petty cash funds at any school site shall not exceed $500
The Principal or Administrative Official will be responsible for expenditures made from petty cash.
Petty Cash is regularly audited by the accounting department.
Petty Cash is audited by the district’s auditor.
Money left overnight in schools shall be kept in a safe or secured place.

DISBURSING FUNDS TO EMPLOYEESSee More

Petty cash may only be used to purchase items costing $75 or less. Petty Cash cannot be used for services, per-diem, or travel.
For reimbursements outside the scope of petty cash, enter an Employee Expense Claim.
Each disbursement must be supported by a receipt, sales slip, or other evidence of expenditure and signed by the unit administrator and the person receiving the funds.

To reimburse an employee with Petty Cash funds:

Complete the Request for Petty Cash form.
1. The form must be signed by both the employee receiving the funds and the Petty Cash Administrator.
Attach the itemized receipt to the Request for Petty Cash form (tape or staple).
Store the form and receipts with your petty cash on hand.
- At all times, the total of receipts plus cash on hand should equal the total balance on the Petty Cash Agreement form.

PETTY CASH BALANCE SHEET/REPLENISHING PETTY CASHSee More

The Petty Cash Balance sheet should be completed and turned into accounting monthly. If no petty cash has been used, submit the balance sheet at least twice a year (by December 1 and June 1).

Filing out the Balance Sheet Header:

Admin Secretary = Petty Cash Administrator
School/Dept = The school or department holding the petty cash box.
Vendor # = 2### This is the number 2, and then your school code. Example: 2045 is Pioneer Peak.
Invoice # = Leave Blank
Date = Date that the balance sheet is being completed.

Filling out the Balance Sheet Details:

List each account number to be used, including the SSASR Project if applicable. Requests may be grouped by account code, or they can be listed as individual line items matching each petty cash slip.
Enter the amount to be paid from each account code.

Filling out the Balance Section (bottom):

Balance on hand = Count the cash you have on hand, enter this amount.
Petty Cash Received = Total petty cash balance on the Petty Cash Agreement From. This is the initial amount of your petty cash box setup.
Amount Requested = Total from “Total Cash Disbursement Requested” above.

Balance On Hand + Amount Requested = Petty Cash Received.

Document must be signed by the Petty Cash Administrator and the Principal or supervisor of the site.

Send your Petty Cash Balance Sheet and all original receipts with their Request for petty cash form in district mail to the accounting department.

Checks can be picked up in accounting or can be sent in-district mail to the school.

RETURNING THE PETTY CASHSee More

If you no longer wish to maintain a petty cash box:

Complete a Balance sheet.
1. Ensure that the Balance on Hand + Amount Requested = Petty Cash Received.
2. If you do not balance, contact accounting before proceeding.
In the Amount Requested field, enter $0.00
Below the amount requested, write “FINAL PETTY CASH – DO NOT REPLENISH.”
The balance on hand should be deposited in your next school deposit.
1. In Schoolpay, use a miscellaneous item.
2. The notes should say “Return of Petty Cash funds. Account code 100…612”