Petty Cash Guide

7/30/2019 Petty Cash Guide

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CEX Store Petty Cash Procedure

This procedure is designed to standardise petty cash security proceduresacross the company. The processes are to be used in all stores. Thisprocedure is to be read by anyone responsible for store petty cash.

The procedure is not intended to cover what you can and cannot spend.Clarification on this can be obtained from your Zone manager. Zonemanagers are not expected to know everything and may need to seekclarification from Head Office on your behalf.

Following these procedures is an easy way to ensure that your stores pettycash reconciles each period. By the time you get to the end of the period,your petty cash should be ready for submission without you having to spendhours sorting through it.

If you do not adhere to this procedure there is a chance you will loosereceipts. You may have already paid out those expenses and your petty cash

sheet may show a negative balance.

Failure to adhere to this procedure will be regarded as misconduct. If theconsequences of failing to adhere to the procedure result in missing money orreceipts it may be treated as gross misconduct.

Amendments may be made from time to time in the Employee Handbook andwhen they are, the Employee Handbook shall have precedence at all times.

Petty Cash tin

You should treat the petty cash tin as a safe. The tin should be locked andmust be kept in the safe or other secure area.

Person Responsible

Only one person should be responsible for the tin at anyone time. ALLexpense receipts should go through this person. If the store manager hasdelegated responsibility to someone else, even the store manager should gothrough this person for expense claims. If you have an expense claim you willneed to wait for this person to be on duty.

If the person responsible is going on holiday then a formal handover shouldhappen. The person responsible should count the tin and the persontemporarily should count the tin in each others presence. If there is adiscrepancy in the sheet balance with the money in the tin, notify the Zonemanager.

File LocationThe electronic version of the petty cash sheet and any bonus sheet should bekept in the store admin folderonly.

Version 2, March 2009


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Making top-upsTop-Ups are now restricted to level 4 Tags only (zone manager level). Beforeyou make a top-up you must reconcile any previous sheets (including bonussheets) and send these off to accounts by registered post. The storemanager is not to make bonus top-ups under any circumstances, these mustby done by a zone manager.

Lost Receipts

As a general rule lost receipts and hand written receipts cannot be claimedfor. There may be circumstances in which alternative proof of expense canbe obtained. Further clarification can be obtained from your Zone manager.

Spending Limits

The period spending limit for day-to-day expenses is 300 per month. YourZone manager may set a lower limit for smaller stores. If a Zone managerwishes a store to exceed this limit for his store they must get authorisation inwriting from accounts.

Wage subs

Occasionally it may be necessary to give wage payments from petty cash.These must be authorised by accounts before they are given out and copy ofthe confirmation should be attached to the claim. If the amount exceeds theavailable petty cash amount, the Zone manager will need to attend the store

to release the funds.

The person receiving the sub must sign a receipt to say they have receivedthe sub and the person issuing must counter-sign. The amount issued willautomatically be deducted from next salary payment.

Received receipts

Keep these in an envelope or bull dog clip. As a receipt is received it is givena sequential number and must be added to the sheet by the personreceiving it. Every receipt claimed must be signed by the person

receiving the money. Receipts are kept in the order in which they arereceived. Enter the date on the receipt in column A. You should putthrough any items you intend to claim back for separately at the checkout.If you forget, you must initial each item on the receipt and write to totalclaim on the bottom of the receipt.

1% Bonus/ Subsistence Top-Ups

When money is transferred from EPOS it cannot distinguish between pettycash and bonus top-ups. Although the bonus money is kept separately, toensure that all top-ups reconcile, bonus top-ups need to be added to the pettycash sheet. Transfer the authorised amount on EPOS to petty cash and



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Expected Balance

This cell calculates the expected balance of your sheet. It is also an indicatoras to how much money you should have in the petty cash sheet. It takes intoaccount the balance at the start of the period, adds any top-ups and takesaway any expense payments.

Actual Balance

You need to physically count how much money is in the tin and type it in thiscell. This should be done regularly and whenever a handover of responsibilityoccurs. An error will flag if the actual balance differs from the expectedbalance by more than a certain amount.The golden rule is if you are in doubt ASK!!

Zone Manager responsibilities

Your responsibility is to make all top-ups to petty cash. You are alsoresponsible for reconciling and signing off each sheet and ensuring it is sentto accounts by both email and registered post.

You should not make a top-up without reconciling any previous sheets andsending them off to accounts.

You must not submit any expense payments on store petty cash unless

authorised in writing by your Superzone manager and copy email attached toclaim. All salaried staff must submit expenses centrally not through P/C

If you authorised to do so, you must ask the staff member responsible in thestore for petty cash to process the payment for you. Do not under anycircumstances process the payment yourself.

The closing balance is generally allowed a leeway of up to 5 per period. Ifthis happens on a regular basis or the limit is exceeded, you must formallyinvestigate the matter and notify Loss Prevention without delay.

From time to time you may be instructed to conduct a full audit of petty cashby Loss Prevention or your Superzone manager. Instructions will be given atthe time of the audit.

Finance team responsibilities

Its responsibility for the Finance team to ensure that the transfer petty cashclaims to Finance system , to follow the Tax regulation rules for the claims,advise if the closing balance does not match against store Petty cash andaccounting and to sign & dated the form confirming all this checks had beenperformed



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Loss prevention responsibilities

Loss prevention will audit Stores Petty cash ensuring compliance ofprocedure and will investigate any discrepancies in a timely manner

SuperZone manager responsibilities

Its SuperZone manager responsibilities to audit Zone Mangers checks and toliaise with Lost prevention if any regular discrepancies arise.


Documents

Petty Cash Guide