Petty Cash- Administrative Services Division -- Office of the State Comptroller

Petty Cash Overview

The Office of the State Comptroller Central Accounts Payable Division is responsible for approving petty cash requests and increases. A Petty Cash Fund is a segregation of an advance from another fund. Petty Cash Funds operate as imprest funds, i.e. an amount is advanced from the General Fund (or if appropriate, from some other fund) to an agency and the agency must at all times account for this advance. These Petty Cash funds are intended to be used by state agencies for agency purchases of small, but necessary operating items, not to exceed $50.00, except for emergencies or specific exceptions granted by the Office of the State Comptroller, based upon the peculiar needs of an agency. A procedure has been established for requesting an exception to the $50.00 limit for the use of petty cash. Wherever possible, an agency should use a state purchasing card instead of petty cash.



State Accounting Manual:	Petty Cash Menu (ct.gov)

Petty Cash Forms:	CO-17RPC � Request to Replenish Petty Cash Fund CO-929 � Bank Account Establishment Request CO-928 � Annual Petty Cash Report


Petty Cash Exception Procedure:	http://osc.ct.gov/2008memos/numbered/200810.htm

The petty cash email address for requests over $50 is OSC.PettyCash@ct.gov.

General Questions on Petty Cash: Office of the State Comptroller, Central Accounts Payable, OSC.PettyCash@ct.gov

FREQUENTLY ASKED QUESTIONS

Q. Should child welfare petty cash be included on report?

A. Yes. Petty Cash Fund Report has two columns: General Fund and Other Funds.

Q. Agency has a $200 authorized level of petty cash. How can agency return petty cash?

A. A voucher must be completed to replenish and then redeposit. (see Paragraph 2.6 and 2.7, Chapter 12 of the State Accounting Manual)

Q. How does an agency establish a Petty Cash Fund or increase the amount of funds in an existing Petty Cash Fund?

A. Send a request to the Director of Central Accounts Payable in memorandum form. The memorandum should include from what fund the advance is requested, amount requested, justification for request and length of request. Request should come from the agency head. (see Paragraph 2.3, Chapter 12 of the State Accounting Manual)

Q. How does an agency obtain an exemption to exceed the $50.00 threshold per incident for the use of petty cash?

A. Submit an email to OSC.PettyCash@ct.gov with the dollar amount, the justification, the agency name and the name, address and telephone number of a contact person. (see Paragraph 2.4, Chapter 12 of the State Accounting Manual)

Q. What steps should an agency take if an unexplained shortage is discovered in the Petty Cash Fund?

In the event a significant unexplainable shortage is discovered in the Petty Cash Fund, the following steps must be taken:

(1) The Petty Cash Fund Custodian must report all losses to the agency head immediately. If a loss results from an apparent criminal act or under mysterious circumstances, the agency must:

1. Immediately notify the local police department or if applicable, local security division, i.e. campus police, capital police, etc.

2. Within forty-eight hours of discovery complete and submit Form CO-853 Report of Adjustment to State-Owned Real and Personal Property to both:

Office of the State Comptroller . Auditors of Public Accounts

Central Accounts Payable 165 Capitol Ave

165 Capitol Ave Hartford, CT 06106

Hartford, CT 06106

The report should include in the "Brief Description of Property" the fund from which the petty cash fund was created. Questions regarding the reporting of losses should be directed to the Office of the State Comptroller, Central Accounts Payable, OSC.PettyCash@ct.gov .

(2) Replenishment for Petty Cash Loss: A separate voucher must be submitted promptly by the agency to replenish the Petty Cash Fund for the amount of the loss. A copy of the loss report - Form CO-853 must be attached to the voucher, to substantiate the claim for replenishment. The loss must be charged to the custodial agency's appropriation, using Expense Account 54762 - Petty Cash Losses.

(3) Monies recovered directly by the agency are to be recorded in the Accounts Receivable module within Core-CT using account code 54762 - Petty Cash Losses crediting the custodial agency's appropriation for current year recoveries and account code 44410 for Prior Year recoveries. Petty Cash Fund losses recovered under fidelity bond coverage will be treated by the Comptroller in the same manner as recoveries of other types of losses.

To obtain the use of funds realized from an insurance settlement, process an "Allotment Request Form", B-107.(see the Property Control Manual).

Office of the State Comptroller
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