Clare College Financial Policies and Procedures Cash & Banking Procedures
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1 Financial Policies and Procedures Cash & Banking Procedures M:\Bursary\Audit Committee\Financial Procedures -.doc- 1 -
2 Contents 1. Banking Procedures 1.1 Receipt of cash and cheques within a department 1.2 Storage/security of cash and cheques within a department 1.3 College bank accounts 1.4 Banking of sterling cash and cheques 1.5 Banking of foreign cheques 2. Petty Cash 2.1 Purpose of petty cash 2.2 Conditions for using petty cash 2.3 Department request for a petty cash float 2.4 Petty cash imprest system 2.5 Reconciling the imprest system 2.6 Replenishing the petty cash float Appendix A Petty cash imprest form M:\Bursary\Audit Committee\Financial Procedures -.doc- 2 -
3 1. Banking Procedures 1.1 Receipt of cash and cheques within a department All cheques must be made payable to Clare College. It is the responsibility of the Head of Department to establish procedures which ensure that all cheques and cash received are given intact (i.e. no deductions) within one week, or more often if the sums received exceed 250, to the Bursary for banking. The following are not permitted from any cash takings/receipts: The cashing of personal cheques even if the intention is to reimburse the float later The topping up of any petty cash float The payment of travel expenses or advances to employees The payment to individuals for services supplied (e.g. payments to visitors for travel expenses) The payment of external suppliers for services rendered Post dated cheques We should only accept post-dated cheques if it is unavoidable and only after referral to the Finance Manager. 1.2 Storage/security of cash and cheques within a department All monies should be taken promptly to the Bursary as detailed in 1.1 and departments are responsible for ensuring cash and cheques are kept secure until they are handed over. Amounts up to 250 cheque/cash combination can be held in a locked drawer/cabinet in a secure office overnight. Amounts greater than this must be kept in a safe. Lost or missing cash In the event of cash being lost, missing or stolen, the Finance Manager must be notified immediately who will then inform the Bursar. 1.3 College bank accounts The College currently has three bank accounts for paying in funds with Barclays: Bursar s account Tutor s account Development account M:\Bursary\Audit Committee\Financial Procedures -.doc- 3 -
4 All College income, including donations, must be paid promptly into a College bank account and must be recorded in the College accounting system. Employees of the College have no authority to open bank accounts for the College. 1.4 Banking of sterling cash and cheques All banking of cash and cheques is done through the Bursary. They will complete paying books, record the income on the accounting system and bank the cash and cheques into Barclays Bank. 1.5 Banking of foreign cheques Wherever possible all transactions and receipts should be requested in pounds sterling. All foreign cheques will be taken to Barclays Bank for negotiation by the Bursary. Any bank charges and exchange rate differences will be a cost to the department. M:\Bursary\Audit Committee\Financial Procedures -.doc- 4 -
5 2. Petty Cash 2.1 Purpose of petty cash This procedure aims to ensure: There is an accurate account of all petty cash expenditure Control is maintained over both the nature and level of expenditure Security measures are in place to minimise the potential for fraud/misuse of petty cash The College Bursary holds petty cash which is available to all Departments under the conditions for using petty cash as detailed below in section 2.2. Some Departments may request to hold a petty cash float (normally up to a maximum of 100) see section Conditions for using petty cash Petty cash must be used exclusively for expenditure directly relating to College business. Under no circumstances must petty cash be used to make payments to external suppliers for services rendered. Petty cash must not be used to reimburse mileage or other travel costs. In these cases College Expense forms should be used. Petty cash must not be used for personal expenditure even if the intention is to reimburse the float later. Payments from petty cash shall be limited to items of expenditure below the cost of 25. All payments from petty cash must be supported by a receipted voucher. Expenditure claimed should always be authorised by someone other than the claimant (Head of Department or College Officer). Claimants receiving reimbursement must sign for receipt of monies. Staff responsible for the petty cash float must ensure the records are always up to date. Petty cash floats will not be replenished until all coding information is up to date There must be monthly independent checks of petty cash balances and use. Heads of Department are responsible for the security of any float and for ensuring that all expenditure is properly supported and authorised. Departments are required to certify their petty cash float at the end of the financial year. M:\Bursary\Audit Committee\Financial Procedures -.doc- 5 -
6 2.3 Department request for a petty cash float Requests for a petty cash float and any permanent, or temporary, increase to an existing float must be made in writing by the Head of Department to the Finance Manager clearly stating the amount of petty cash float required (this is normally a maximum of 100). The Finance Manager will review the request and if approved inform the Head of Department to collect the float from the Bursary The Bursary will maintain a list of each department s petty cash limit. 2.4 Petty cash imprest system Each department will need to establish a Petty Cash Imprest System for recording all petty cash received in and paid out. A summary of the details for each petty cash transaction completed should be transferred to the Imprest Form (Appendix A), which is used for replenishing the petty cash float and as a basis for the Bursary to prepare a journal to post the transactions on to the accounting system. 2.5 Reconciling the imprest system As part of the department s month end procedures the petty cash imprest system balance must be reconciled to the actual cash in hand and signed off by the Head of Department. 2.6 Replenishing the petty cash float A copy of the completed imprest form and all accompanying receipts should be passed to the Bursary within the first week of the following month. They will check this form and replenish the float up to the agreed limit. The Bursary will refuse to replenish floats if discrepancies with the imprest form are found, pending approval from the Finance Manager. In cases where there has been no activity for a period of three months or more, then the department, together with the Finance Manager, should re-assess the need for and the level of a float. M:\Bursary\Audit Committee\Financial Procedures -.doc- 6 -
7 Appendix A PETTY CASH IMPREST FORM DEPARTMENT Date Cost Code Amount Description TOTAL CASH IN HAND Balance of cash in hand checked & found correct TOTAL IMPREST Signed (Head of Dept) M:\Bursary\Audit Committee\Financial Procedures -.doc- 7 -
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