Heads of Institution are responsible for the security of the float and for ensuring that all expenditure is properly supported and authorised. There must be regular independent checks of petty cash balances and use and Departments are required to certify their petty cash float at half year-end and the financial year-end.
Storing petty cash
Departments should ensure petty cash is kept in either a suitable safe or a locked drawer within the department and access to it is given to both the member of staff responsible for maintaining it and their deputy. Petty Cash must never be left out unattended.
Lost/missing cash
In the event of petty cash being lost or missing, the Head, Accounting Services, must be notified immediately. If theft is suspected, report to the Security Office and the Finance Division Insurance team.
Monthly reconciliations of the imprest system
The member of staff responsible for the petty cash float must ensure the records are kept up to date and, including disbursements, posted to UFS. As part of the department’s month-end procedures the petty cash imprest system should be reconciled from the balance on the petty cash control account to the actual cash in hand. The control account must agree to the balance of cash in hand at the financial month-end/year-end.