Petty Cash Reconciliation Template - DOC

							                                         OHSU
                               Audit and Advisory Services


                              Petty Cash Fund Best Practices

The following are “best practices” within OHSU units that Audit and Advisory Services
staff noted during a recent audit of Petty Cash Funds:

         Petty Cash Funds are kept in a locked box or safe at all times when not in use.
         The Petty Cash Fund Custodian is the only person with access to the Petty Cash Fund.
         The Petty Cash Fund is reconciled monthly. The reconciliation is approved by an
          individual who is not the custodian.
         The Department Administrator, who is not the Petty Cash Fund Custodian, performs a
          monthly surprise Petty Cash Fund count. See Audit and Advisory Services, Petty
          Cash Fund Surprise Count Worksheet Template.
         Custodian maintains a current log of all disbursements and replinishments. See Audit
          and Advisory Services, Petty Cash Fund Tracking Worksheet Template.
         Custodians keep a numbered receipt book or assigned receipt log to document any
          cash disbursed from the fund.
         Petty Cash Funds are not used for personal use.
         Changes in the Petty Cash Fund Custodian or fund location are communicated to the
          Accounts Payable Accounting Technician.
         The Petty Cash Fund Custodian maintains copies of all Disbursement Request Forms.
         Personal funds are not contributed to the Petty Cash Fund to increase the authorized
          amount.
         Departments do not use one Petty Cash Fund monies to make loans to a different
          Petty Cash Fund.
         Custodians are familiar with the OHSU Petty Cash Policies and Procedures.
         Petty Cash Funds are only used for expenditures consistent with the purpose on the
          Petty Cash Fund Request Form.
         The Petty Cash Fund Custodian is a different employee than the fiscal authority
          approving the establishment and expenditures of Petty Cash Funds.