PETTY CASH FUND TRANSACTIONS

A. Establishment of Petty Cash Fund

With the approval of the majority of the BAASCo officers, the assigned
officer the secretary general will make a resolution requesting for the allotment of petty
cash fund at the start of the enrolment. The BAASCo officers should make this for the
anticipated incurrence of petty expenses during the enrolment. Upon approval (majority
of officers) and notice to the Dean of the said allotment, the said resolution will be
submitted to the treasurer for his/her notice and for making such allotment. The petty
cash will be retained to the treasurer for the custody. Meanwhile, the treasurer will
issue a withdrawal slip and afterwhich, a cash disbursement voucher to the
bookkeeper for the establishment of the petty cash fund in the accounting system
software.

I. FLOW CHART OF ESTABLISHMENT OF PETTY CASH FUND

BASCO Officer/s Treasurer Bookkeeper

Ofcer in charge

Resolution Resolution

A
 II. Establishment of Petty Cash Fund - Quickbooks Procedures
STEP 1 Go to Quick Books Homepage

The QuickBooks Home Page is a slick way to work through

your company’s bookkeeping tasks in the right order. If it
isn’t visible, display it by choosing Company Home Page or
clicking Home in the left icon bar’s My Shortcuts section.

STEP 2 Go to Record Deposits windows

To establish the petty cash fund amount, follow the following

steps:
i. Open the Record Deposits window by clicking the
Record Deposits icon in the Home Page’s Banking
section
ii. Note: The Payments to deposit pop-up window will
appear. After all the collections were verified, the
Deposit Total will indicate the entire amount ready for
deposit.
iii. In the Deposit to drop-down list, choose Cash in Bank-
People’s Bank
iv. In the Cash back goes to drop-down list, choose Petty
Cash Fund
v. In the Cash back amount indicate to amount of petty
cash fund agreed upon by the officers (ex. Php
5000 for that matter)
vi. Click Save and Close to record the transaction

B. Incurrence of Petty Expenses

Since the petty cash fund is retained to the custody of the treasurer, whenever a
petty expense will be incurred, the officer will request for a disbursement of petty cash
fund to the treasurer at a certain amount and treasurer will disburse cash. prepare a
budget requisution to be approved by the President. cash transfer slip will be issued for
petty cash transfer. The CTS is intended for fun d transfer allocated for activities, et. al.
other than petty expenses.
For every petty expense incurred, the officer will submit the official receipt (or
cash
voucher if no official receipt was provided) to the treasurer , together with the approved
budget requisition, for the issuance of two copies of petty cash voucher by the treasurer.
The first copy of petty cash voucher will be retained by the treasurer while the second
copy (with the attachment of official receipt)
will be submitted forwarded to the councilor OIC. The councilor OIC will also record the
petty expenses from the petty cash voucher in the petty cash fund logbook kept by
him/her. The excess cash will be remitted back to the treasurer. In case of cash
shortage, the treasurer who is in custody of petty cash fund, will refund the officer.
In case the treasurer and the councilor runs out of cash disbursement vouñcher
or
any supplies, the purchase of these will be monitored by the president and the former
officers (treasurer and councilor) will seek approval from the president and the
corresponding official receipts will be presented first to the president before the
treasurer can issue two copies of petty cash vouchers for their expenses.

I. FLOW CHART OF INCURRENCE OF PETTY EXPENSES – I

BASCO Officer/s Treasurer Councilor

Ofcer-in- Prepares
Charge Cash

Logbook
Ofcial A
Receipt
and/or Cash PCV
Voucher
PCV

Ofcial
Receipt
and/or Cash PCV
Voucher
Ofcial
Receipt
 II. FLOW CHART OF INCURRENCE OF PETTY EXPENSES – II

Treasurer/Councilor President Councilor

Treasurer
and/or
Councilor

Requests for approval

A

Logbook
Ofcial Receipt
and/or Cash
Checks
Voucher

PCV

PCV
PCV

Ofcial Receipt
and/or Cash
Ofcial Receipt
Voucher

C. Replenishment of Petty Cash Fund

If the petty cash fund balance is at its required minimum balance, which
is 500 pesos, the treasurer will make a liquidation report and present it first to the
councilor council for reconciliation with the petty cash logbook. Upon reconciliation, the
councilor will request the secretary to make a resolution for the replenishment of petty
cash fund and seek for the approval of the majority of the BAASCo officers. Upon
approval of the officers and notice to the Dean, the secretary will give the approved
resolution to the treasurer. Afterwhich, the treasurer will prepare 2 copies of withdrawal
slip to be forwarded withdrawal at the bank, along with the approved council
resolution.. After withdrawal, the treasurer will prepare a cash disbursement voucher
and submit it to the bookkeeper along with the liquidation report and withdrawal slip.
Note:

The withdrawal of the cash for replenishment of petty cash fund is included in the
semestral budget of the BASCO BAASCo organization, hence it will not be coming from
unallocated cash in the bank.

I. FLOW CHART OF REPLENISHMENT OF PETTY CASH FUND

Treasurer Councilor Secretary Bank Bookkeeper

Liquidation Report
Reconciles

Resolution Checks and

withdraws

Liquidation Report
Logbook

Logbook

Withdrawal Slip

II. Replenishment of Petty Cash Fund - Quickbooks Procedures

To replenish the petty cash fund amount, follow the following steps:
i. Open the Write Checks window by pressing Ctrl+W,
choosing Banking-Write Checks, or clicking the
Write Checks icon in the Home Page’s banking section
ii. In the BANK ACCOUNT, drop-down list, choose Cash in
Bank
 iii. In the PAY TO THE ORDER OF drop-down list, choose
whom you want to pay (elected Treasurer)
iv. After that, add entries to the Expenses and Items tabs for
the things the checks is paying for. For replenishment
transaction, choose specific Expenses accounts. Supply
other information required such as Amount, Memo, etc.
v. Click Save and Close to record the check or Save and New to write another
check.