Petty Cash and Change Funds

Department Responsibilities

  • 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.
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