This document is an internal policy of YAPA. Use it to help develop your own agency's internal policies. You will have to make changes to suit your own context and any legal requirements which apply to you.
Policy
YAPA will approve the use of petty cash to assist in the day-to-day operations of YAPA and projects.
Floats are to be used responsibly by staff and should not replace proper financial planning and procedures.
1. Provision of Petty Cash Floats
- YAPA and Western Sydney currently have separate petty cash floats of $200.00 each.
- Additional floats required for special projects or items paid in advance, must be organised with the Administration officer 1 week prior to requirement date.
- The Executive Officer and Finance Manager must approve all increases in petty cash float in writing, up to a maximum of $500.
- The Executive Officer and Finance Manager must approve all requests for new petty cash floats in writing.
- The maximum cash amount to be applied to petty cash is $30.00 per transaction. All other cash needs over $30.00, must be organised in advance with the Administration Officer.
- The petty cash float is only to be used for the purchase of items that are unable to be paid for within the ordinary financial planning and procedures. These payments include cheque and credit card payments (limited to company cardholders).
2. Security
- Petty Cash access is limited to the Administration Officer and Finance Manager.
- Only the Administration Officer or Finance Manager can approve and reimburse petty cash expenditure to employees.
- No other employees have access, or can reimburse expenditure from the float.
- No employees are to borrow cash advances from the float.
- Petty cash is to be kept and locked in a secure place at all times.
- All cheques marked "CASH" and not stamped with "Not Negotiable", must be given to the Finance Manager or Administration Officer for safe keeping in a locked, secure environment. Otherwise, the employee is to keep the cheque in a secure place to prevent theft and inform the Administration officer or Finance Manager of this as soon as possible. Email notification is acceptable.
3. Management of Petty Cash
Ad-hoc Petty Cash Floats
- Separate floats required for a conference, workshop or other special request, would be established specific to the event. The float will be balanced prior to the event and following the event.
- The Project Officer to whom the float was given to, is responsible for the safe keeping of cash at all times, during the event.
YAPA and WS Petty Cash Floats
- Receipt must include Description, Date, Amount, Job No. and initials of employee.
- All GST receipts must have additional information, which includes vendors name, ABN number and receipt must be marked with "Tax Invoice".
- The administration officer is responsible for:
- Monitoring the use of the float;
- Ensuring the float is balanced weekly;
- Resolving any discrepancies arising through float balances;
- Ensuring all invoices are relevant to expenditure.
- All major discrepancies in balancing the float by the Administration Officer, must be reported to the Finance Manager.
Purpose
Last reviewed |
19 July 2006 |
Date of commencement |
23 February 2005 |
