Petty Cash – Medical Campus

Petty Cash – Medical Campus

Boston University recommends that departments use a PCard instead of petty cash. For more information about PCard uses and procedures, please visit Sourcing & Procurement.

Petty Cash funds are relatively small amounts of cash entrusted to the Petty Cash Custodian within a department for reimbursing individuals for small, miscellaneous business expenses.

The University Cashier is responsible for reviewing the “Record of Petty Cash Disbursements and Request for Reimbursement” forms to verify their mathematical accuracy, completion, and that the form is signed by the Custodian of record. The Custodian is responsible for ensuring that the Petty Cash funds are maintained and expended in accordance with this policy.

To establish a Petty Cash fund, please complete the following forms, have the forms signed by your Dean or Department Head and submit the forms to the University Cashier. The completed forms may be e-mailed to cashier@bu.edu, faxed to 617-353-2734, or presented at the University Cashier office located on the 4th floor of 881 Commonwealth Avenue, Boston, MA 02215.

To complete the appropriate forms, please use the following links:

Petty Cash Fund Request

Metro Credit Union Record of Petty Cash Disbursements & Request for Reimbursements

Receiving Petty Cash

Upon notification from the University Cashier Office, the petty cash custodian may open and receive the petty cash by presenting his/her Boston University ID card and “Metro Credit Union Record of Petty Cash Disbursements & Request for Reimbursement” form at the Metro Credit Union* located at 710 Albany Street during normal business hours:

Monday – Tuesday: 8:30 A.M. – 4:00 P.M
Wednesday – Thursday: 7:30 A.M. – 4:00 P.M
Friday: 8:30 A.M. – 4:00 P.M.

* Boston University transactions can be made at 710 Albany St. Branch ONLY.

Maintaining a Petty Cash Fund

Whenever possible, a Boston University PCard (Boston University Purchasing Card Program) should be used instead of petty cash. For more information about PCard uses and procedures, please visit Sourcing & Procurement.

Examples of expenses that are reimbursable using petty cash funds:

  • Postage /Stamps

  • Emergency office supplies

Examples of expenses that are not reimbursable through the petty cash fund:

  • Cashing checks
  • Contributions
  • Entertainment (personal)
  • Fines or penalties
  • Loans or
 Personal advances (IOU)

  • Personal items of any nature

  • Salaries and wages

  • Gift Cards (for subject payments only)
  • Supplies or services that are normally secured through Sourcing

Petty Cash Security

Petty cash and supporting documentation must be kept in a locked cash box at all times. The cash box must be kept in a locked desk, file cabinet and/or office.

The Petty Cash Fund Custodian must be the only person with access to the cash box.

Lost or stolen petty cash funds must be immediately reported to the Public Safety Office at 617-638-4935. Within seven business days of the theft, the Petty Cash Fund Custodian must file a copy of the police report, along with any supporting documentation detailing the theft, to both the Assistant Director of the University Cashier located at 881 Commonwealth Avenue, 4th floor, and to the Office of Internal Audit located at 25 Buick Street, 3rd floor.

Petty Cash Disbursements

  • A “Received of Petty Cash” slip must be completed by the custodian for each non-subject payment disbursement.
  • The individual receiving the cash must sign for each transaction in the “Received by” section of the slip and the Petty Cash Custodian must sign the “Approved by” section.
  • Petty Cash custodians receiving cash must have their supervisor sign for the transaction in the “Approved by” section of the slip.
  • The Petty Cash Fund Custodian must staple the sales receipt to the back of the “Received of Petty Cash” slips. If a receipt is lost or misplaced, the custodian must provide a memo to explain the purpose of the expense and the item that was purchased for the department.
  • For subject payments, the custodian must keep a log of the subject payment transactions (do not include social security numbers).
  • Questions concerning the propriety of any disbursement from petty cash must be directed to the Assistant Director of the University Cashier at 617-353-3896.

* Received of Petty Cash slips may be purchased at any local office supply store.

Petty Cash Reimbursements

Prepare the “Metro Credit Union Record of Petty Cash Disbursements and Request for Reimbursement” form. Submit the completed form to the University Cashier. The form may be e-mailed to cashier@bu.edu, faxed to 617-353-2734 or presented at the University Cashier office located on the 4th floor of 881 Commonwealth Avenue, Boston, MA 02215.

Metro Credit Union Record of Petty Cash Disbursements and Request for Reimbursement Form

Upon approval from the Cashier’s Office, authorized individuals must present the “Metro Credit Union Petty Cash Disbursement and Request for Reimbursement” form along with a BU ID to the Metro Credit Union*, located at 710 Albany Street. Petty Cash Funds must be replenished at least once a month. This action ensures that the expenses are recorded in the proper accounting period.

* Boston University transactions can be made at 710 Albany St. Branch ONLY.

Increase a Fund

To increase the fund balance, please complete the “Petty Cash Authorization Form” as well as the “Metro Credit Union Record of Petty Cash Disbursements and Request for Reimbursement” form. Have the forms signed by your Dean or Department Head and submit the forms to the University Cashier. The completed forms may be e-mailed to cashier@bu.edu, faxed to 617-353-2734 or presented at the University Cashier office located on the 4th floor of 881 Commonwealth Avenue, Boston, MA 02215.

Petty Cash Fund Request

Metro Credit Union Record of Petty Cash Disbursements & Request for Reimbursements

Upon approval from the Cashier’s Office, authorized individuals must present the “Metro Credit Union Petty Cash Disbursements and Request for Reimbursement” form along with a BU ID to the Metro Credit Union, located at 710 Albany Street.

Decrease a Fund

To decrease the fund balance, please complete the “Petty Cash Authorization” form, accompanied by a “Metro Credit Union Cash Credit Voucher (CCV),” for deposit of the desired decrease amount.

Example:
Current Fund Amount: $1,000
Desired New Fund Amount: $600
Amount to be deposited: $400

Have the forms signed by your Dean or Department Head and submit the forms to the University Cashier. The completed forms may be e-mailed to cashier@bu.edu, faxed to 617-353-2734 or presented at the University Cashier office located on the 4th floor of 881 Commonwealth Avenue, Boston, MA 02215.

Upon approval from the Cashier’s Office, please bring the “Metro Credit Union Cash Credit Voucher (CCV)” and funds to the Metro Credit Union, located at 710 Albany Street for deposit.

Petty Cash Fund Request

Metro Credit Union Record of Petty Cash Disbursements & Request for Reimbursements

Fiscal Year End

In order to ensure that all fiscal year expenses are correctly recorded, all Petty Cash Custodians are required to replenish their petty cash during the month of June. If you will not be utilizing the fund for the summer months, the petty cash fund must be closed.

Closing a Petty Cash Fund

Petty Cash funds are not transferable from one employee to another. The Petty Cash Custodian must close the petty cash fund prior to transferring to another position, terminating employment, or going on a leave of absence.

To close the fund, please complete the “Petty Cash Authorization” form, accompanied by a “Metro Credit Union Cash Credit Voucher (CCV),” for deposit of the petty cash fund. Have the forms signed by your Dean or Department Head and submit the forms to the University Cashier. The completed forms may be e-mailed to cashier@bu.edu, faxed to 617-353-2734 or presented at the University Cashier office located on the 4th floor of 881 Commonwealth Avenue, Boston, MA 02215.

Upon approval from the Cashier’s Office, please bring the “Metro Credit Union Cash Credit Voucher (CCV)” and funds to the Metro Credit Union, located at 710 Albany Street for deposit.

Petty Cash Fund Request

Metro Credit Union Record of Petty Cash Disbursements & Request for Reimbursements