Petty Cash Management Checklist ( FINANCE )

This checklist is designed to ensure proper management and control of petty cash within the organization, including tracking expenditures and reconciling cash on hand to maintain accurate financial records.

• Establish Petty Cash Fund Limit

  Determine and set the total amount of petty cash that will be maintained, based on the needs of the department.

• Designate Custodian

  Appoint 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 record all petty cash transactions, including date, amount, purpose, and signatures of the custodian and recipient.

• Approve Petty Cash Requests

  Establish a process for requesting petty cash, including obtaining necessary approvals before disbursing funds.

• Conduct Regular Reconciliations

  Regularly reconcile the petty cash fund against the petty cash log to ensure accuracy and accountability.

• Maintain Receipts

  Collect and retain all receipts for petty cash purchases to support accounting and auditing processes.

• Review and Audit Petty Cash Fund Periodically

  Schedule periodic reviews and audits of the petty cash fund to ensure compliance with internal policies and procedures.

• Replenish Petty Cash Fund

  When the fund runs low, submit a request for replenishment to restore the petty cash fund to its established limit.