If you are the person holding
the petty cash you are personally responsible for that money - even
if it is lost or stolen
Cash amounts held for GGC
in your home may or may not be insured in the event of theft or fire
- check with your insurance company
If you do not wish to have
a petty cash fund you can pay for expenses with your own funds or credit
card and have a cheque issued to you for the exact amount when you present
the receipts - you should not sign a cheque made out to yourself
Financial Training
Petty
Cash
Petty Cash can be used
when it is not possible to pay by cheque
Petty Cash must be
recorded on a seperate sheet (Petty Cash Summary Form on page 5-3 of
the Manual)
To start a Petty Cash
write a cheque to yourself for a small amount (e.g. $25.00)
Record this amount
in the Petty Cash Column of the spreadsheet and on your Petty Cash Summary
Form
Keep the Petty Cash
Summary Form up to date and have receipts attached for all expenditures
Replenish the funds
as necessary
When you replenish
Petty Cash enter the cheque under the cheque column and the appropriate
expense columns but not in the Petty Cash Column
The amount of receipts
and cash should always equal the original petty cash amount
At year end issue a
cheque for what you have spent and enter the expenses under the appropriate
column and deposit the cheque with any cash remaining - total amount
should equal the original amount of the petty cash.
