Petty Cash and Change Funds
- Be aware whether your department has a petty cash and/or change fund and that is it properly recorded on the Oracle/PeopleSoft general ledger
- Request establishment of new funds through the Accounting Office
- Designate a custodian of the fund
- Make sure the fund is properly safeguarded
- Ensure disbursements are allowable and supported by invoices/receipts
- Make sure reimbursement of expenses are done periodically (and assigned the proper expense coding), especially at fiscal year-end so expenses are applied to the proper fiscal year
- Allow access to the funds to internal and external auditors for periodic surprise counts.