How To: Set Up New Petty Cash Fund
Who does this? Certified Petty Cash Custodians
When? Once a designated custodian has been certified and Cash Management has approved a request from a department head for a new petty cash fund (See Requesting a Department Petty Cash, Petty Cash Checking or Change Fund)
How? By procuring needed supplies and securing funds
Set Up New Petty Cash Fund (4 steps)
Receive a check for the petty cash fund amount from the Procurement / Payment Services department
Note: The check will be delivered to the petty cash custodian's ID Mail address.
Purchase these needed supplies:
- Received of Petty Cash Forms
- Lock box
Secure petty cash funds:
- Cash check from Payment Services at a bank
- Place petty cash funds in lock box.
- Store lock box in locked desk or cabinet.
Create filing and recording system for petty cash transactions:
- Each department creates its own system for logging reimbursements made to employees and retaining all documentation
What Happens Next?
- The petty cash custodian remains accountable for the petty cash until fund closes or a new custodian is designated. See How To: Close a Petty Cash Fund, How To: Change Petty Cash Custodian and How To: Assign a Temporary Custodian During Planned Absence.
- Financial Support Center (3-2772)