Petty Cash Management Checklist ( FINANCE )

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.

• Establish Petty Cash Fund

  Determine the amount needed for the petty cash fund and authorize its establishment. Ensure proper documentation is created and approved.

• Designate Custodian

  Assign a responsible individual as the custodian of the petty cash fund, who will manage and oversee all transactions.

• Create Petty Cash Log

  Set up a log to track all petty cash transactions, including date, amount, purpose, and recipient of funds.

• Fund Disbursement Procedures

  Outline the procedures for disbursing cash, including obtaining receipts and documentation for each transaction.

• Regular Reconciliation

  Schedule regular reconciliations of the petty cash fund against the log to ensure all funds are accounted for and discrepancies are addressed promptly.

• Replenishment Process

  Define the process for replenishing the petty cash fund when it reaches a certain threshold, ensuring that all disbursements are supported by proper documentation.

• Periodic Review

  Conduct periodic reviews of the petty cash fund management process to assess compliance and identify areas for improvement.

• End of Fund Accountability

  Upon closure or transfer of fund responsibility, ensure a final reconciliation is performed and documented, with any remaining funds accounted for.