Virginia Commonwealth University
VCUVCU Accounts Receivable
   Contact Us | Mission Statement | Privacy Statement | Messages & Alerts
Introducing Staff
Departmental Petty Cash
Debt Set-Off Program
Receivable Reporting Procedures
Returned Checks

  Search


Departmental Petty Cash Funds

Overview
Establish, Increase/Decrease, Close a Fund
Change Custodian
Petty Cash/Change Fund Reconciliation
Petty Cash Reimbursement
Petty Cash and Research/Patient Studies
Completed Examples of Forms

Overview

The Treasury Reporting area of Treasury Services is responsible for the establishment and oversight of Department Petty Cash funds.  Individual departments often need access to petty cash for incidental business payments or small dollar business reimbursements.  On these occasions, departments may request a petty cash fund to be maintained within their department.  One fiscal person within the department takes responsibility for the fund.  This person is the petty cash custodian.

  • Custodian has sole responsibility for safekeeping, maintenance, proper usage of funds.  Check cashing is PROHIBITED.
  • Treasury Reporting must be notified of changes in custodian.
  • Funds must be maintained at the authorized amount at all times, which can be a combination of cash and any unreimbursed receipts.
  • Funds are subject to review by Audit and/or Treasury Reporting.
  • The funds are monitored with regard to and accountable to Chapter 5, section 5.30 of the Financial and Budget Administration Policies and Procedures Manual.
Return to Top
Establish, Increase/Decrease, Close a Fund Return to Top
Change Custodian Return to Top
Petty Cash/Change Fund Reconciliation
  • Chapter 5, section 5.32 of the Financial and Budget Administration Policies and Procedures Manual.
  • Custodian should reconcile funds monthly, but can be more frequent due to size of fund or operating cycle of department.
  • Suggest use of Petty Cash Attachment B.
  • Formal, annual reconciliation required by Treasury Reporting. Notice is sent each May with a response deadline in June.
    • Department Vice President and Audit notified if annual reconciliation response is 30 days late.
  • All discrepancies must be resolved prior to fiscal year end (June 30th).
  • Possible closure of fund for non-compliance with annual reconciliation request.
Return to Top
Petty Cash Fund Reimbursement
  • Utilize a A Direct Pay Form or Travel Expense Reimbursement Voucher, as applicable.
  • Expenditures less than $25.00 should be consolidated and periodically reimbursed.
    • amounts of $25.00 or greater should be reimbursed monthly
    • amounts less than $25.00 should be reimbursed quarterly
  • Departmental petty cash funds can be utilized to reimburse for incidental business  expenditures.
  • Employees on payroll direct deposit will receive reimbursements directly to their designated payroll direct deposit account.
    • employees not on payroll direct deposit will receive a reimbursement check mailed to their home address
  • Utilize the GE MasterCard Corporate Purchasing Card to the extent possible.
Return to Top
Petty Cash and Research/Patient Studies Funds Replenishment
  • Petty cash funds used for research/patient studies cannot be replenished via Petty Cash Reimbursement process.
  • A Direct Pay Form must be used.
  • Special instructions available.
  • Petty cash checking accounts are accountable to the same policies and procedures as regular petty cash funds.
  • When reimbursement is ready, a check is mailed to the department, payable to the custodian.
  • The custodian may cash the check at a bank branch or the University cashier's office.  (Please call ahead to cashiers (828-8774) if the check is for a large dollar amount.)
Return to Top
Completed Examples of Forms  


Virginia Commonwealth University does not endorse commercial providers or its products linked to the VCU Treasury Services home page or secondary pages.