Quick Steps: Make Changes to a Petty Cash Fund

Who does this?  Petty Cash Custodians or Department Heads

When?  When a petty cash fund needs to be resized or a temporary or new Petty Cash Custodian needs to be assigned

How?  Through memos and administrative steps

 

On this page:

 

Increase Petty Cash Fund (1 step)

step 1

A Department Head can request an increase in the petty cash fund amount by:

  1. Emailing a request to Cash Management at cashmanagement@lists.stanford.edu.

    2. OR ~
  2. Sending a memorandum via ID Mail to Cash Management.

Include in the emailed or written request:

  • Reason for request
  • Amount requested
  • Name of Petty Cash Custodian
  • Location of petty cash fund
  • Petty cash fund number
  • Name(s) of individual(s) who have signature authority on the Received of Petty Cash Receipts

What Happens Next?

  • Disbursements Department will send a check to the Petty Cash Custodian via ID Mail.
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Decrease Petty Cash Fund (4 steps)

A Department Head can request a decrease in the petty cash fund by:

step 1

Reconcile the Petty Cash Fund.

step 2

Determine appropriate reduced fund amount.

step 3

Prepare "un-needed" cash for deposit. (This is the difference between the original petty cash fund amount and desired reduced amount):

  1. Contact Cash Management to obtain an account number to credit with the deposit.
  2. Complete Cashier's Office Department Transmittal Form (Deposit Form).
    • Use the account Project, Task/Award and Expense numbers provided by Cash Management.
    • Under Purpose indicate decrease a petty cash fund.
step 4

Deposit the un-needed cash at the Cashier’s Office:

  1. Obtain a receipt for the deposit from the University Cashier's Office.
  2. Retain the deposit receipt from the Cashiers Office with petty cash records.

What Happens Next?

  • University Cashier's Office will notify Cash Management of the return of funds from the Department.
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Assign a Temporary Petty Cash Custodian During Planned Absences (4 steps)

For brief absences, the Petty Cash Custodian (with the Department Head's approval) may assign a temporary custodian to be responsible for the fund.

step 1

The Petty Cash Custodian identifies a temporary custodian and gains approval from the Department Head for the temporary arrangement.

Note:  For longer absences when it is likely that the petty cash fund will need to be replenished, the Department Head must notify the Cash Management of the temporary custodian.  Without this notification, replenishment checks will automatically be made out to the regular custodian and cannot be cashed by the temporary custodian.
step 2

The temporary custodian completes the Petty Cash Online Tutorial, and completes and submits the associated quiz.

step 3

Prior to the Custodian's absence, he/she reconciles the petty cash fund with the temporary custodian:

  1. The temporary custodian signs a copy of the reconciliation as a receipt.


    2. Note:  Petty Cash Reconciliation Template

  2. The regular Custodian retains the receipt.
step 4

When the regular Custodian returns, both custodians reconcile the petty cash fund again:

  1. The regular Custodian signs a copy of the reconciliation as a receipt.
  2. The temporary custodian retains the receipt.
Note: The regular Custodian should notify the Cash Management of his/her return if Disbursements was temporarily making checks payable to temporary custodian during his/her absence.
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Change Petty Cash Custodian (3 steps)

A Department Head may assign a new Custodian.

step 1

The Department Head contacts the Cash Management to request new Petty Cash Custodian:

  1. Reference the petty cash fund identification number.
  2. Indicate name of new custodian and any phone number or address changes for the petty cash fund.
step 2

The new Custodian becomes certified as a Petty Cash Custodian.

step 3

The outgoing Custodian balances the petty cash fund prior to transferring to the new Custodian.

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Questions?

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