Petty Cash Funds

Departments are encouraged to use petty cash transactions to reduce time, paperwork, and administrative expenses for minor business expenditures. Petty cash may be used to reimburse authorized expenditures up to $200 per transaction for retail purchases, meeting expenses, business meals, local travel expenses, books, subscriptions, postage, and similar expenses. Petty cash funds provide a useful and inexpensive way to make prompt cash payments for minor business expenses that would otherwise require a Banner document to be entered for every transaction.

College reimbursement options are as follows:

• ACH Deposit A/P check run (any amount)
• Same Day Cash ($75 and under)

KSC policy sets a petty cash reimbursement limit of $200 per day, per person. Expenses submitted for reimbursement must have been incurred during the current fiscal year.

Two forms exist for the purpose of reimbursement - the Petty Cash Voucher and the Travel Expense Voucher. Blank forms are available on the web at Business Office Forms.

When submitted to Accounts Payable, Petty Cash Vouchers should clearly list:

• FOAPAL (Fund-Org-Acct code)
• authorizing signatures, including payee's
• total dollar amount requested
• name of person being reimbursed
• goods or services purchased
• location of activity
• business purpose
  
  
  

Travel Expense Vouchers should clearly list:

• FOAPAL (Fund-Org-Acct code)
• authorizing signatures, including payee's
• total dollar amount requested
• name of person being reimbursed
• location/destination
• inclusive dates of travel
• business purpose
• all relevant expenses, broken out per day - items such as mileage, per diem meals, lodging, transportation, etc.

In regard to business meals with two or more people attending, please furnish the names of all attendees, along with the purpose of the meal.

The following kinds of transactions may not be reimbursed with petty cash:

• transactions over $200
• personal loans or advances
• compensation to employees or non-employees for services rendered (e.g., an honorarium or stipend)
• gifts/flowers/parties (includes retirement)
• moving expenses
• hazardous materials or controlled substances
• expenses that are personal in nature, or otherwise not allowable through current KSC policy or practice