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10.3 Petty Cash and Finance

REGULATIONS AND STANDARDS

The Leadership and Management Standard


Mallards Finance

The Manager after consultation with staff and young people, collects the required monies for the week from Landmark Place. This is a facility which provides the necessary monies not dissimilar from a bank.

This money is housed in a safe in the Manager’s office.

The Manager (or in her absence Assistant Team Managers) places in individual envelopes all monies required for the week. This is then placed in the Petty Cash tin in the main office until required. All staff are trained regarding the petty cash procedures

Petty Cash Procedure

  • The shift leader has responsibility for the petty cash;
  • Petty cash should be checked and signed before the shift handover. This means verifying that the total amount of money in the tin corresponds to the amount recorded in the Petty Cash Book. If this is correct the shift leader must countersign the book to that effect.

Transactions

  • When completing a transaction write a petty cash voucher corresponding to the amount of money. At this point do not enter any transaction in the book. It is very important that receipts are procured when purchasing goods;
  • Until the recipient returns with change and a receipt, the voucher is still counted as cash in the petty cash tin. Write this very clearly on the petty cash voucher;
  • When the person returns with the change and receipt, verify that the changed received is correct. Write a replacement voucher for the actual amount spent (per receipt). Destroy the first voucher issued and enter transaction into the petty cash book.

End