General ledger system manual - lsu/fas - Finance and Administrative ...

Petty Cash ReimbursementsI. Office ProceduresA. PurposePetty cash funds are provided to permit certain miscellaneous small purchases ($100 or less) ofsupplies, materials and services which cannot be readily obtained through one of the UniversityStores. Petty cash transactions may be handled in one of two ways:1. Departments that have only an occasional need to make petty cash purchases will not havean established petty cash fund. Those departments will be reimbursed each time a pettycash purchase is made.For example, a professor purchases an electronic resistor from Radio Shack for $3.50.He also purchased a wooden hammer from Home Depot for $7.57. To be reimbursed,he takes a petty cash reimbursement entry, receipts, and a valid University ID to theVault Teller in the Office of Bursar Operations (125 Thomas Boyd Hall).2. A department having regular needs for petty cash funds may request the establishment ofa petty cash fund by submitting justification in writing to the Director of AccountingServices. This written correspondence should fully explain the requesting department'sneed for a petty cash fund, as well as designate an appropriate University employee asPetty Cash Supervisor, the custodian of the fund. A strict accounting of petty cash fundsis required by the Petty Cash Supervisor. At all times the sum of cash on hand plus thereceipts on hand and/or in the process of being reimbursed must equal the amount initiallyobtained upon establishment of the fund. To replenish the petty cash fund, thedepartment should take a petty cash reimbursement entry, receipts, and a valid UniversityID to the Vault Teller in the Office of Bursar Operations.For example, a professor purchases an electronic resistor from Radio Shack for $3.50.He also purchased a wooden hammer from Home Depot for $7.57. To be reimbursed,he takes the receipts to the department for which the item was purchased. Thedepartment will reimburse the professor from their petty cash fund.Reimbursement for petty cash will be provided by the Vault Teller in the Office of BursarOperations during the hours of 10:00 - 11:45 a.m. and 12:30 - 4:00 p.m.B. Receipts for ExpendituresEach disbursement must be substantiated by an original receipt, providing reasonabledocumentation that the cash purchase was made. The items listed below must be written on thereceipt or otherwise identified if not printed on the vendor-provided receipt.1. Date of purchase2. Item purchased3. Name of vendor4. Amount paid5. Name of University employee making the purchase or accepting the delivery6. Purchase order number, if applicable, on freight bills. If not applicable, so indicate withbrief description of purpose of shipment.UPDATING Rev 06/93PETTY CASH REIMBURSEMENTS