Petty Cash

Revolving Petty Cash Funds

Revolving Petty Cash Funds are established for the purpose of allowing purchases of small amounts to be made with the least inconvenience.  These funds are the responsibility of their custodian, who must keep the funds in a locked and secured location.  Expenditures must benefit the program or project being charged, and must comply with all other UCorp policies.  Petty Cash Funds are not to be used to circumvent the regular purchasing process.  The petty cash custodian must advise others in his/her area of petty cash restrictions and regulations prior to authorizing any individual to make a purchase.

Short-Term Petty Cash Advances

Short-Term Petty Cash Advances may also be utilized for other purposes including: 1) special events when change must be available, or 2) when an employee needs to make a purchase and does not have a procurement card. 

How to Request a Petty Cash Advance

Petty Cash Advances up to $100 are to be submitted on a Check Request Form with the “Advance” box checked on the form, and must include Claimant and Authorized signatures.   No additional backup is needed.  Petty Cash Advances for amounts greater than $100 must be backed up with a memo describing what the advance is for, and must include Claimant and Dean (or AVP) signatures.

Use the chartfield that most closely defines what most of the anticipated purchases will be.  The account most commonly used for petty cash requests is 660003 – Supplies & Service.

How to Replenish Revolving Petty Cash

After purchases have been made, original or certified receipts must be submitted to the University Corporation with a new Check Request Form.  The Check Request Form will be used as a cover sheet for the settlement.  Check the “Settlement” box on the form, and indicate the Amount Due. (The cash-on-hand plus the receipts submitted should always equal the amount of the original petty cash advance.)

The reconciling Check Request must be backed up with the appropriate payment requests and original or certified receipts.  For example, parking and bridge toll receipts should back up a Travel Claim, while receipts for coffee for the department office should back up a Hospitality Claim.  More than one purchase can back up a single claim, as long as the required information is clearly communicated.

Once the settlement has been processed and approved by UCorp, a replenishing check for the amount of the receipts submitted will be issued to the Petty Cash custodian for revolving funds only. 

How to Settle a Short-Term Petty Cash Advance

After the purchase(s) have been made, a reconciling payment request must be submitted to UCorp for processing.  It is rare that the receipts provided will precisely equal the amount of the advance.  If the total receipts are greater than the amount of the advance, request reimbursement for the difference.  If the total receipts are less than the amount of the advance, the difference must be refunded through the Bursar’s Office and credited to the fund the advance was issued from.  A copy of the deposit transmittal and Bursar’s Office receipt must be included with the expense settlement.


Advances are issued during normal check runs, typically occurring on Tuesdays and Thursdays.  Allow one business week for processing.

All revolving petty cash advances must be settled and closed by June 30 of each year; another revolving petty cash fund must be established in the month of July when the new fiscal year opens.  The revolving fund should be replenished on a regular basis.