Petty Cash Deposit Procedure

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TBR Policy Reference: 4.01.01.10

Approved by: President's Cabinet

Original Date Effective: 2024-08-05

Last Modified:

Purpose:

This document will explain the process of handling petty cash department drawers. 

Petty cash department drawers for the Library is to be used for the purposes of only making change for deposits received.

Only the Gibson County Center, Lexington Center, Savannah Center and Business Services on the JSCC main campus are to operate their petty cash department drawer for the purposes of receiving payments through Touchnet Cashiering, making change and issuing petty cash refunds for amounts that are $20 and below.

Current locations with petty cash department drawers:

  • Business Services
  • Gibson County Center
  • Lexington Center
  • Library
  • Savannah Center

Responsibilities of personnel handling petty cash drawers:

Library

  • Only JSCC personnel, excluding student workers, may have access to each petty cash drawer.
  • Petty cash funds are to be used for the purposes of only making change for deposits received.
  • Refunds should be routed through the normal approval process for each department on a check requisition along with all necessary backup documentation. No refunds are to be issued through the petty cash department drawer.
  • Petty cash drawer should be secure at all times in a locked location.
  • Periodic cash drawer reconciliation should be performed to ensure that all petty cash drawer funds are accounted for. This function can occur when preparing deposits funds to be given to Business Services along with deposit reports.
  • Year reconciliation report to be completed and sent to the Business Office by June 30th.
  • Reconciliation differences should be immediately reported to the Director of Business Services and Business Manager by email.
  • Checks rendered for payment must be made payable to Jackson State Community College (JSCC)

Gibson County Center, Lexington Center, & Savannah Center

  • Only JSCC personnel, excluding student workers, may have access to each petty cash drawer.
  • Petty cash drawer should be secure at all times in a locked location.
  • Daily cash drawer reconciliation should be performed to ensure that all petty cash drawer funds are accounted for. This reconciliation should be performed when reconciling cash drawer transactions to Touchnet Cashiering system for bank deposits.
  • Year reconciliation report to be completed and sent to the Business Office by June 30th.
  • Reconciliation differences (cash short/over) should be immediately reported to the Director of Business Services and Business Manager by email.
  • Checks rendered for payment must be made payable to Jackson State Community College (JSCC) and include the student’s “J” number when appropriate.
  • Bank deposit forms should be scanned/emailed to the Business Office the day of the deposit.
  • Petty cash vouchers, along with all backup documentation, should be scanned/emailed to the Business Office in a timely manner. The Business Office will reconcile/prepare documentation for approvals to be sent to Accounts Payable where a petty cash reimbursement check will be issued.

Business Services

  • Only JSCC personnel, excluding student workers, may have access to each petty cash drawer.
  • Petty cash drawer should be secure at all times in a locked location.
  • Daily cash drawer reconciliation should be performed to ensure that all petty cash drawer funds are accounted for. This reconciliation should be performed when reconciling cash drawer transactions to Touchnet Cashiering system for bank deposits.
  • Year reconciliation report to be completed and sent to the Business Office by June 30th.
  • Reconciliation differences (cash short/over) will be reported on the Daily Cash Reconciliation envelope and submitted to the Director of Business Services for approval.
  • Checks rendered for payment must be made payable to Jackson State Community College (JSCC) and include the student’s “J” number when appropriate.
  • Account Clerk II will reconcile petty cash vouchers, along with backup documentation, and then prepare documentation for approvals to be sent to Accounts Payable where a petty cash reimbursement check will be issued.

Policy/Procedure:

TBR Policy – Deposit & Investment of Funds: 4:01:01:10

https://policies.tbr.edu/policies/deposit-investment-funds

Depositing Funds

  1. Each institutional department will deposit funds each day when $500 in funds has been accumulated. All funds must be adequately secured. In all cases, a deposit must be made at least once each work week (Monday - Friday) if there are any funds to be deposited.
  2. The $500 is considered in excess of the established change fund amount.

Sources/References:

TBR Policy – Deposit & Investment of Funds: 4:01:01:10

https://policies.tbr.edu/policies/deposit-investment-funds