Petty Cash – Charles River 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 form, have the form signed by your Dean or Department Head and submit the form to the University Cashier. The completed 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.

To complete a Petty Cash Form, please use the following link:

Petty Cash Fund Request

Receiving Petty Cash

Upon notification, the petty cash custodian may open and receive the petty cash by presenting his/her Boston University ID card at the University Cashier located at 881 Commonwealth Avenue, 4th floor, Monday through Friday from 9:00 AM to 3:00 PM.

Record of Petty Cash Disbursements & Request for Reimbursement

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
Gift cards
Loans
Personal advances (IOU)
Personal items of any nature
Salaries and wages
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 reported to the Boston University Police at 353-2110. 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 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 supervisor must provide a memo to explain the expense purpose and the item that was purchased for the department.
  • The sum of “Received of Petty Cash” slips plus the cash on hand must equal the total amount of the Petty Cash Fund.
  • Questions concerning the propriety of any disbursement from petty cash must be directed to the Assistant Director of the University Cashier at 353-3896.

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

Petty Cash Reimbursements

Petty Cash Funds must be replenished at least once a month at the University Cashier, located at 881 Commonwealth Avenue, 4th floor, between the hours of 9:00 AM to 3:00 PM, Monday through Friday. This action ensures that the expenses are recorded in the proper accounting period. For each instance, individuals replenishing the fund on behalf of the Custodian must bring a permission letter from the Custodian allowing the individual to pick up the cash. All individuals must present identification (BU ID or Driver’s License) to replenish the account.

Increase a Fund

To increase the fund balance, please complete the following form, have the form signed by your Dean or Department Head and submit the form to the University Cashier. The completed 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.

Petty Cash Authorization Form

Decrease a Fund

To decrease the fund balance, please complete the following form, have the form signed by your Dean or Department Head and submit the form to the University Cashier. The completed 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.

Petty Cash Authorization Form

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 following form, have the form signed by your Dean or Department Head and submit the form to the University Cashier. The completed 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.

Petty Cash Authorization Form