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  5. Replenishing Petty Cash Funds

Replenishing Petty Cash Funds

Directive Statement

The custodian is responsible for replenishing a Petty Cash Fund on a regular basis or when the Petty Cash Fund is running low.  Petty Cash is a loan from Treasury Management, which means the money spent must be replenished at least once to bring the Petty Cash Fund back to its authorized balance.  Before the Petty Cash Fund can be replenished, it must be reconciled by comparing the amount of the authorized Petty Cash Fund balance to actual cash and receipt totals.

Reason for Directive

A Petty Cash Fund provides convenience for small transactions for situations when using a PCard or other payment method is unreasonable.  Treasury Management is responsible for the stewardship of the University’s cash and investments, including Petty Cash Funds.

Who Must Comply?

All University departments.

Procedures

To replenish a Petty Cash Fund, a custodian must do the following:

  1. Create an unencumbered voucher in myUF Payment Solutions (MPS) using the UF HR Toolkit – Creating a Check Request for an Unencumbered Payment
  2. The voucher should be payable to the custodian using the associated supplier ID number
    • Contact Disbursements to set up a supplier ID at addsupplier@ufl.edu
    • The supplier naming convention is “[Custodian Name] for Petty Cash”
  3. The expenditure(s) will be recorded against the appropriate departmental ChartField
  4. The voucher must be supported by the Cash Fund Activity Log and an image of the receipts must be attached

Please note: Commitment Control/General Ledger are not charged for a Petty Cash Fund expenditure until the Petty Cash Fund is replenished.  Once the voucher is created as part of the replenishment process, the payments will be reflected in the system and will therefore show up under the project purchases, if applicable.

Definitions

Commitment Control (KK)

An accounting methodology that identifies and reserves (or “commits”) funds for future payment obligations.  It is designed to answer the question: “What is my available spending authority?” [Back to Top]

General Ledger

An account book of final entry.  In an accounting system, the general ledger is the place where financial information resides. [Back to Top]

Unencumbered

When a requisition and purchase order has not been created.  Unencumbered disbursements bypass the University’s purchasing system and should only occur where normal purchasing procedures are not available or where purchasing procedures do not provide any benefit to the transaction. [Back to Top]

Last Reviewed

05/01/2020: reviewed content

Resources

UF Record Retention

Toolkits

UF HR Toolkit – Creating a Check Request for an Unencumbered Payment

Contacts

Cashier’s Office: (352) 392-0185

Treasury Management: (352) 392-9057

Disbursements: (352) 392-1241

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