Petty cash float and recoup
Opening a new Petty Cash Float
To open a new Petty Cash float, complete an NForm for the amount of the new float and attach it to a Petty Cash Custodian Form. Leave the Account and PG blank as this will be the petty cash control account.
Replenish existing Petty Cash Float
The majority of business units hold a petty cash float of $500.00; however this can be negotiated depending on the nature of the request.
It is recommended that the petty cash is reconciled and replenished on a regular basis. When the petty cash balance is low, all receipts need to be reconciled by completing the Petty Cash Recoup Form and NForm with the original documentation for reimbursement.
All documentation is to be sent to Financial Services M449 for processing.
Increase Petty Cash Float
Complete an NForm for the amount you would like the float to be increased by (ensure the float number is listed). Leave the account and PG blank as this is completed by Accounts Receivable. For amounts under $250, this can be collected from the cashier; otherwise the payment will be made by cash cheque. As supporting information, you will require an email or similar approving the increase or a petty cash custodian form completed for the new amount.
Closing Petty Cash Float
Bank the remaining cash in full. Complete an NForm for the remaining receipts (this will make sure the expenses are accounted for accordingly). Then send the deposit slip (from the Westpac deposit), a memo stating the float you want to close and NForm to Accounts Receivable M449 for processing.