Imprest, Petty Cash and Other Revolving Funds

Imprest, Petty Cash and Other Revolving Funds paticash Cash count and verification of funds must be performed periodically, at least quarterly, by someone other than the custodian Verification of paticash The petty cash custodian records all transactions and maintains a running balance The custodian may have to justify the expenditures

paticash As the petty cash is used and the fund diminishes, it is replenished to the original fixed amount This is typically done by submitting the recorded expenses

paticash Petty cash funds are for expenditures connected to approved University activities A sum of money is set aside in an imprest account OR petty cash fund, a fixed A Petty Cash Fund is a cash fund kept secured for immediate use when a UVM purchase order or a UVM purchasing card cannot be used Petty Cash transactions are