Petty Cash

UNDER NO CIRCUMSTANCES IS MONEY TAKEN FROM THE CASH REGISTER AND PUT INTO PETTY CASH ANYMORE.

Things to Note:

Before you track! Terms to note:

Incoming – Incoming cash into the petty cash float

Outgoing – Outgoing cash from petty cash float

Also, you will need an envelope in order to track the monthly receipts. At the beginning of the month, get a fresh envelope and write the Month and Year on the front, and close up the old one. The old one is put into black accordion folders. This envelope represents the End of the process and will only be used by the owner of Petty Cash.

At the end of every week, Sean will remotely check the status of the Petty Cash float via the excel file and will communicate any directives should they be required.

The addition of data into this file must be done regularly, if not on the spot should something occur.

At the end of the month, there should be a recount of all the money in the float to ensure it matches what is in the sheet.

Excel File

The file is located in SPM Admin -> Cash Management -> Cash Management V2

When someone requires petty cash, ensure to remind them to get a receipt as this will be important for record purposes. When they return with the receipt, fill in today’s date, mark down what they spent in the Outgoing column, this will cause the New Total column to update automatically.

DO NOT MAKE ANY UPDATES TO THE NEW TOTAL COLUMN, THIS HAS BEEN AUTOMATICALLY CONFIGURED.

Moving forward we will ensure that Petty Cash will not dip below HKD$200 in order to be prepared for impending charges. When the row lights up in red, like the example below, contact Mike immediately to top up Petty Cash with $400.

Reimbursements

If someone has used their own money, be sure to check if they need the money returned to them. If so, use the Reimbursement, To & Completed column to do so. If the Completed column is marked as “No”, it will appear in the “Reimbursements” sheet, which you can access at the base.

Once on the sheet, you will need to refresh the table to give you the live data. Do so by clicking into the table, and then at the top of the screen, go to the “PivotTable Analyze” tab, and click “Refresh”

 

 

 

 

 

The data there will be who is owed, and how much they are owed, so you are able to track as much. If the number here is greater than HKD$200, you must inform Mike who will sort the payment. If you are removing money from the float in order to reimburse someone, you will not need to track it in the sheet, it has already been removed.

No Receipt:

If they return without a receipt, use the form within the Petty Cash box to fill out to track and then add it. Ensure that the form is signed by either Mike or Matt for confirmation that money has been spent. Should there be no forms left, you will be able to print them out here: Petty Cash Record

Petty Cash Record Terms:

• Who – Who is submitting the request
• When – Date of submission
• Description – What was the money used for
• Cost – Cost of the receipt
• Need Reimbursement – Did they use their own money to make the purchase?
• Approved – No receipt means Mike or Matt needs to confirm it is okay to submit
• Signed/Initials –  Mike or Matt to initial.

Absent Owner

Should there be an occasion where the owner of the process is not present to collect the receipt, you are still permitted to take cash from the box. Once returned, you are simply just to return the cash to the Petty Cash box, write your name on the back of the receipt and put the receipt inside with the box. Should you not have a receipt, please follow the No Receipt procedure and leave that in the box as well.

Once the process owner comes back, they are the record the loose receipts that are left inside the Petty Cash box, and once they have been updated they are to move them into envelope.

One the receipt is in the envelope, the process is complete.