Accounting Office / Accounts Payable

1. The custodian must submit receipts to replenish the petty cash fund at least every 30 days. Petty cash funds that are replenished on a less frequent basis may be deemed to be excessive and subject to being reduced or eliminated. However, petty cash advances used solely for making change would not have receipts to submit.
   
   
2. All four columns of the Petty Cash Voucher; (i.e., Vendor, Description, Amount, and Account Number) must be completed for every transaction disbursed from the petty cash fund. Adequate documentation supporting each disbursement must be obtained by the custodian and submitted along with the Petty Cash Voucher.
   
   
3. In situations where the confidential nature of disbursements to research subjects is critical to the success of a research study, the custodian may summarize the disbursements on the voucher and retain the supporting documentation. This alternative does not eliminate the custodian's responsibility for properly documenting all disbursements from the fund.
   
   
4. The Petty Cash Voucher must be totaled and signed by the custodian and the department chair (or designate). The total of the Petty Cash Voucher plus the cash on hand or in a university checking account must equal the amount of the funds advanced. Any discrepancy must be explained, and a request for a reimbursement of the shortage should be included on the Petty Cash Voucher.
   
   
5. Replenishment of a petty cash fund can be either in cash or by check. For replenishment in cash, the custodian must complete a Debit Memo form, following this example, rather than an Iowa State University - Voucher. For replenishment by check, the custodian must complete an Iowa State University - Voucher, following this example. The Debit Memo or Iowa State University - Voucher should be charged to the department’s expense account, using a class code other than 915-00. The Debit Memo or Iowa State University - Voucher must be approved by the department chair and submitted to the Accounting Office, along with the Petty Cash Voucher and all supporting documentation. (If the replenishment is for research subject payments and the RPRF forms are attached, the Petty Cash Voucher requirement will be waived.)
   
   
6. Any questions regarding the replenishment of petty cash funds should be directed to the Accounting Office at 294-5124.

Last Updated August 28, 2009.