Accounting and Reporting

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Scott Park Campus

Learning Resources Center,
2nd Floor
Mail Stop 454
Phone: 419.530.1385
Fax: 419.530.6200

webmaster@utoledo.edu

 Petty Cash Fund

A Petty Cash Fund is used to make incidental or emergency purchases of a minor nature.  It should be no larger than necessary, yet not so small as to require monthly reimbursement.  Individual purchases, not in excess of $6.00, may be from this fund when normal University purchasing procedures are not feasible.  Signed and dated receipts (cash register tickets are acceptable) must be obtained for every purchase.  Therefore, sales tax is reimbursable at any time, paid receipts and / or cash must add to the authorized amount of the fund.

The fund is not be used for frequent purchases from the same vendor to be handled by use of a blanket purchase order; nor for the payments to individuals wages; nor for cashing personal checks; nor for cash advances (I.O.U.s).

To replenish the fund, a Requisition is to be prepared and forwarded with the paid receipts to the Accounts Payable Office.  Income which a Department may realize through sales is not to be used as either a Petty Cash Fund nor as a temporary replenishment.

 

 

Last Updated: 6/26/15