Petty Cash Policy & Procedures FN002

6.5. The officer taking over cashiering or petty cash responsibilities should be present whenthe count is made, and therefore signs to confirm the correctness of the record.6.6. Any losses or shortfalls must be investigated and reported to the line managerimmediately and to Financial Services, Goodmayes.6.7. All cash holdings will be subject to spot check without prior notice and must be madeavailable immediately on request by any members of the Financial Services team.6.8. Any cash losses must be reported immediately to the Line Manager.Cash losses must berecorded in the organisation’s Losses and Compensation Register.(The incident must berecorded in the Incident Report. Finance Department musrt be informed.7. PAYMENTS FROM PETTY CASHMain Floats7.1. Imprest holders should make payment from petty cash only when a valid receipt isaccompanied by an authorised voucher. Where no receipt and signed voucher is providedthe cashier must not reimburse. The cost should be borne by the individual.7.2. No individual receipt or claim should exceed £60.7.3. Exceptions to the £60 limit can be made in special circumstances with approval of theFinancial Controller or the Deputy Financial Controller. If no approval is sought and theexpenditure is over £60-this is a breach of trust policy.Requests for changes in the valuesof imprest accounts must be submitted in writing to Financial Controller.Include whetherthe change is to be permanent or temporary.(a cut off date is required)7.4. A “Petty Cash Expenditure Voucher" must be signed by the person receiving payment.7.5. Each payment is entered on the "Petty Cash Imprest Account" form and the line numberwritten on all relevant supporting vouchers.7.6. The Imprest Holder must code each item of expenditure in the coding column of theimprest form. If codes are omitted, the cashiers will refuse to reimburse the ImprestHolder.7.7. New codes, if needed, will be provided by the Management Accounts Section,Goodmayes.Sub-Floats7.8. Sub-Floats: Holders of sub-floats should follow the same procedures already statedabove.7.9. Imprest listings of sub-floats, when submitted to the main imprest holder are then enteredon to the main imprest form.Policy No: FN002Page 6 of 13