Petty Cash Management Checklist ( FINANCE )

This checklist is designed to ensure the proper management and reconciliation of petty cash funds within an organization, helping to maintain accountability and prevent misuse.

• Establish Petty Cash Fund

  Determine the amount for the petty cash fund and designate a custodian responsible for managing it.

• Document Approved Uses

  Create a list of approved expenses that can be paid using petty cash to ensure proper use of funds.

• Maintain Petty Cash Log

  Ensure that all petty cash transactions are recorded in a log, including date, amount, purpose, and who received the funds.

• Regular Reconciliation

  Perform regular reconciliations of the petty cash fund against the petty cash log to identify any discrepancies.

• Secure Storage

  Ensure that the petty cash is stored securely in a locked box or safe to prevent unauthorized access.

• Review and Approve Petty Cash Requests

  Establish a process for reviewing and approving requests for petty cash disbursements to ensure adherence to policies.

• Conduct Periodic Audits

  Schedule periodic audits of the petty cash fund to ensure compliance with policies and identify any potential issues.

• Close Out Petty Cash Fund

  When necessary, properly close out the petty cash fund by reconciling the remaining balance and returning it to the general fund.