ASCOTT雅诗阁酒店公寓品牌财务部门政策与程序APP C01 (Petty Cash).doc

TAG Policy & ProceduresDepartment: FinanceSection:APP C01Topic: Cash & Bank ManagementDate Created:Apr 2001Revised:Feb 2007 (Ver 2)Page:Page 3 of 3C01 PETTY CASH1. OBJECTIVE1.1 This section serves as a guideline in establishing the petty cash float, handling of petty cash payments and subsequent replenishment.1.2 The purpose of the petty cash is to reimburse employees for small purchases paid by employees and incurred on behalf of the Company/Property and to provide advances for small purchases and expenses where cash payment is required.2. POLICIES2.1 The Property Finance Manager shall appoint a Finance Officer as the custodian for the float. For properties where the Finance Department is located offsite, the Property Manager shall appoint an officer at the property to be the custodian for the float.2.2 The petty cash is to be maintained on an imprest system. As a general guide, the amount of Petty Cash Float at each property should not exceed S$3,000 or its equivalent. In setting the Petty Cash Float, the following consideration applies: Amount should be based on local operational needs; Amount should not be excessive; and Amount must be approved by the Cluster/Country Finance Head.2.3 It is recommended that the maximum limit of the amount that can be drawn from the Petty Cash Float per payment is S$300 (or its equivalent) or any smaller amount as determined by the Cluster/ Country Finance Head. Any payments above the said limit should be processed through cheque payments. 2.4 The petty cash shall be kept under lock and key at all times.2.5 All petty cash payments must be raised through Petty Cash Vouchers (“PCV”). The designated custodian of the fund must check and ensure all PCV and supporting invoices/bills/documents are properly authorised before effecting the cash payment. 2.6 All petty cash vouchers must be numbered, signed by the recipient, stamped “PAID” on supporting invoice / bill and subsequently filed in sequential order.2.7 Surprise petty cash count must be conducted on a regular basis (at least once every 2 months) and the count must be properly documented and endorsed. The cash count may be conducted using the Cash Count Sheet.3. PROCEDURES3.1 Petty Cash Claims3.1.1 All petty cash claims shall be initiated through the Petty Cash Voucher (“PCV”).3.1.2 All petty cash claims must be accompanied by properly authorised PCVs, with the attachment of all relevant supporting documents. 3.1.3 All supporting receipts and bills must be original. Otherwise, the claimant must provide valid explanation, which must be documented on the PCV.3.1.4 All authorisations must be originals. Rubber stamp approval is not acceptable. 3.1.5 Upon receipt of the cash, the recipient must personally sign/ acknowledge on the voucher “received” column.3.1.6 After payments have been made, the petty cash voucher details must be recorded in the cashbook module in the accounting system (if available) or a petty cash book (or petty cash worksheet).3.2 Petty Cash Advance3.2.1For cash advance payment, the following procedures shall apply:(a) No cash advance shall remain long outstanding. All cash advances must be settled within 3 days from the completion of the underlying task (e.g. adhoc purchase);(b) Purpose and expected date of liquidation of the cash advance must be indicated on the PCV;(c) Petty cash voucher raised for such purpose shall be filed separately until the amount is liquidated;(d) All advances claimed from the petty cash float must be closed with a subsequent petty cash voucher indicating the actual expenses incurred with the relevant original supporting documents; (e) Once liquidated, the petty cash advance voucher shall be returned to the claimant / requestor; and(f) Cash advance must be monitored and long outstanding cash advance (more than 3 days from date of expected liquidation) must be followed up accordingly.3.3 Petty Cash Reimbursement / Replenishment3.3.1 The petty cash imprest fund will be replenished as and when required. As a general guide, when float runs down to 20% of the original float amount, it shall be replenished according to the following procedures:(a) Raise payment voucher and attach the manual petty cash record (either system generated or manual), together with other “PAID” original supporting documents to Property Finance Manager (onsite or offsite) for checking and subsequent approval; (b) Cash reimbursement will be effected by cheque payable in the custodians name with authorized signatures per the bank authorization limit; and(c) The custodian will cash the cheque and keep cash in locked safe and update the petty cash book.3.4 The amount of float required may be adjusted subject to the operations / administrative requirement and the Cluster/ Country Finance Heads approval. This can be done by memo from the custodian with the justifications attached.3.5 Petty cash reconciliation must be done at the end of each month and submit to the Property Finance Manager (onsite or offsite) for review.3.6 The Property Finance Manager or a staff appointed by the Cluster/Country Finance Head who is independent of the custodianship of the petty cash float will have to perform cash count on the petty cash fund at the end of each month and reconcile the balance to accounting records. Likewise surprise checks on petty cash float must also be performed regularly (at least once every 2 months). Any discrepancies must be noted and investigated immediately. Any unexplained differences must be brought to the attention of Cluster/ Country Finance Head for follow-up actions.4STANDARD FORMS4.1C