All payments are made in accordance with Commonwealth Policies and Procedures specified in CAPP Manual section 20330 – Petty Cash.
Petty cash is maintained on an imprest checking account basis. The current amount of petty cash authorized and maintained is $5550. This amount includes change funds as follows: $800 for Accounting Office, $30 for Library and $20 for Altavista Center. The total of the petty cash checkbook balance, change funds, non-sufficient Funds (NSF) checks due and un-reimbursed expenses must always reconcile to the total $5,550 authorized amount. The petty cash bank account is reconciled to the checkbook balance each month.
Petty cash checks are issued upon request for small, non-recurring expenses with payment restrictions not allowing time to process and receive an “X” batch check from the Treasurer of VA (registrations, subscriptions, etc.) and must be accompanied by proper supporting documentation. The Vice President for Financial and Administrative Services approves all petty cash check requests. Petty cash checks require only one authorizing signature. The Accounts Payable Officer maintains the petty cash fund using an Excel spreadsheet
All petty cash checks issued are recorded on the Petty Cash Log Excel spreadsheet. A petty cash reimbursement voucher is processed monthly to replenish the account for un-reimbursed expenses excluding NSF checks due. The appropriate account coding is supported with all required back-up documentation to include the P.O. request, invoice, receiving report, etc. as appropriate. The Accounts Payable Officer prepares the petty cash reimbursement for keying into AIS. The same process is used as for other voucher payments.
After processing, batches are held until the following business day to be matched with Accounts Payable Daily Diagnostics Report, Daily Diagnostic Posted to G/L Report, and Transmittal Listing. Account numbers, amounts, vendor name, addresses, invoice date, invoice number, and due date are reviewed and necessary corrections are noted and recorded. The entire batch package (header, voucher batch control, voucher copy and reports) is forwarded to the Business Manager for review and approval. Approved batches and final accounting documents are filed in the Accounting Office