This checklist is designed to ensure proper management and monitoring of petty cash funds within the organization. It outlines all necessary steps to maintain accountability and accuracy in petty cash transactions.
Determine the amount needed for the petty cash fund and authorize its establishment. Ensure proper documentation is created and approved.
Assign a responsible individual as the custodian of the petty cash fund, who will manage and oversee all transactions.
Set up a log to track all petty cash transactions, including date, amount, purpose, and recipient of funds.
Outline the procedures for disbursing cash, including obtaining receipts and documentation for each transaction.
Schedule regular reconciliations of the petty cash fund against the log to ensure all funds are accounted for and discrepancies are addressed promptly.
Define the process for replenishing the petty cash fund when it reaches a certain threshold, ensuring that all disbursements are supported by proper documentation.
Conduct periodic reviews of the petty cash fund management process to assess compliance and identify areas for improvement.
Upon closure or transfer of fund responsibility, ensure a final reconciliation is performed and documented, with any remaining funds accounted for.