Accounting Instructions
5. Petty Cash
Introduction
Petty cash imprests are held within Faculty and Services and must be securely controlled and only applied to official purposes.
Procedure
- All imprests shall be held within the maximum approved limit authorised by the Budget Holder. The imprest must be held in a lockable tin and stored in a secure place, normally an office safe.
- Payment for purchases of single items, not in excess of £25 can be obtained from petty cash subject to prior approval by the budget holder.
- Once a purchase has been made and a receipt obtained, a Petty Cash Claim form must be completed (Appendix 1 - Petty Cash Claim Form)
- Every person claiming petty cash must take the receipt, attached to a Petty Cash Claim to his/her nominated imprest holder. Upon presentation for payment, the Claim must contain the following information:
- Financial Coding
- Authorising signature
- If the purchase is subject to V.A.T., this must be calculated at the current percentage rate and shown in the appropriate space on the petty cash voucher.
- The recipient of the cash payment must sign the Petty Cash Claim to confirm receipt of payment.
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When reimbursement of the imprest is required the imprest holder shall reconcile the cash held and complete the following forms to be forwarded to Finance, Income Services Section:-
- Petty cash reimbursement claim form with all receipts attached. (Appendix 2 - Petty Cash Reimbursement Claim Form)
- Analysis of cash required. (Appendix 3 - Petty Cash Reimbursement Analysis Form)
- Any deficiency with the total holding value shall be reported to Audit Services.
- Upon receipt of the Petty Cash reimbursement claim and Analysis sheet the Income Services Section will request a cash delivery to take place within 48 hours.
- Petty cash must not be used to make payment for car allowances, fees, etc or any other item which is subject to income tax requirements
