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How to write your Petty Cash Policy

We include this 1 page template with Human Resources Contract Pack and the Proposal Kit Professional. You will get more content and software automation for data merging, managing client documents, and creating proposals with line item quoting with a Contract Pack or the Professional.

Use the Petty Cash Policy as a starting point for creating your own company policy on how employees are to be responsible for petty cash.
Document Length: 1 Page
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1. Get Human Resources Contract Pack or the single template that includes this business contract document.

We include this Petty Cash Policy in editable Word format that can be customized using your office software.

2. Download and install after ordering.

Once you have ordered and downloaded your template or pack, you will have all the content you need to get started.

3. Customize the contract template with your information.

You can customize the contract document as much as you need. If you get a Contract Pack or Professional Bundle, you can also use the included Wizard software to automate name/address data merging.

Petty Cash Policy

Writing the Petty Cash Policy document

Company Name's policy on handling petty cash is described below. Use this page to describe your organization's policy's for using and handling petty cash (small amounts of bills and coins).

Purpose and Permitted Usage

Describe here how and when petty cash should be used, as well as usages that are not permitted. For example, you might say something like "The petty cash supply is maintained and used for making change during ticket sales only. Any other use must be approved in advance by the manager.

Authorized Users

List the names of individuals or the category of people (e.g., "cashiers" or "waiters") who are authorized to handle the petty cash.

Setup and Reimbursement of Cash Supply

Describe your policy for accounting for petty cash at the beginning of a time period. For most organizations, this would be the beginning of a work shift or a business day, but it also could be every time a different employee handles the cash. Describe how and by whom the cash is acquired and counted during setup for the work period or event.

Be sure to include the numbers and types of bills and coins that are required at the beginning of the period, too, as well as describing how and by whom petty cash will be resupplied after spending. Describe how records will be kept of how cash was disbursed. For example, you might say "All usages of petty cash-the amount, the recipient, the reason-must be entered in the ledger that accompanies the cash box" or "Each disbursement from the petty cash fund must be entered in the XYZ spreadsheet online. Describe who is responsible for reconciling the records of expenditures from the petty cash fund, and when this must happen.

For example, you might write "At the end of each shift, the supervisor must reconcile the usage of petty cash with the remainder, write the total usage and remainder in the ledger, and sign next to the daily total. In the event that the amounts cannot be reconciled, this discrepancy must be reported to the division manager.

Securing the Petty Cash

Describe how and where the petty cash will be kept, and who has the responsibility for securing the funds when they are not in use. This might include routinely depositing funds in excess of a specific amount in a bank account, locking the funds up in a safe, etc.

Other Considerations

Describe any other important issues. These might include your policies for changing the amount of petty cash on hand, closing an account, authorizing substitute personnel on occasion, or penalties for mishandling the petty cash-any details that are part of your petty cash policy and have not been described above.

The complete Petty Cash Policy - with the actual formatting and layout - is available as a single template or as part of a library of related templates in a Contract Pack or the Professional Bundle.
Petty Cash Policy

Key Takeaways

  • The Petty Cash Policy is available as a ready-to-edit template.
  • The Contract Packs and Professional Bundle include many related agreements and documents.
  • You can automate financials and data merging into contracts using a Contract Pack or Professional Bundle.
  • You can also create business proposals and integrate your contracts using the Professional Bundle.
  • There are no ongoing subscription fees. You get lifetime unlimited use.

How to Build a Legal Contract with Proposal Kit

This video illustrates how to create a legal contract using the Proposal Pack Wizard software. It also shows how to create a proposal with an invoice and contract at the same time.

Frequently Asked Questions

How do I customize the Petty Cash Policy to fit my business needs?

Customizing the Petty Cash Policy involves editing the document to include your business details, terms, and conditions. The templates are designed to be flexible, allowing you to insert your company's name, address, and other relevant information. You can modify clauses to reflect your unique business practices and legal requirements.

Is the Petty Cash Policy compliant with laws and regulations?

The legal contract templates are written by legal professionals and designed to comply with current laws and regulations at the time of their writing. However, laws can vary by jurisdiction and change over time, so it's recommended to have your contract reviewed by a local attorney to ensure it meets all legal requirements specific to your region and industry. Templates are licensed as self-help information and not as legal advice.

Can I use the same Petty Cash Policy for different clients or projects?

You can use the same Petty Cash Policy for different clients or projects. The templates are versatile and easily adapted for various scenarios. You will need to update specific details such as client names, project descriptions, and any unique terms for each new agreement to ensure that each contract accurately reflects the particulars of the individual client or project.

What should I do if I encounter a clause or term I don't understand?

If you encounter a clause or term in the Petty Cash Policy that you need help understanding, you can refer to guidance notes explaining each section's purpose and use. For more complex or unclear terms, it's advisable to consult with a legal professional who can explain the clause and help you determine if any modifications are necessary to suit your specific needs.

How do I ensure that the Petty Cash Policy is legally binding and enforceable?

To ensure that the Petty Cash Policy is legally binding and enforceable, follow these steps:

  • Complete all relevant sections: Make sure all blanks are filled in with accurate information.
  • Include all necessary terms and conditions: Ensure that all essential elements, such as payment terms, deliverables, timelines, and responsibilities, are clearly defined.
  • Signatures: Both parties must sign the contract, and it is often recommended that the contract be witnessed or notarized, depending on the legal requirements in your jurisdiction.
  • Consult a legal professional: Before finalizing the Petty Cash Policy, have it reviewed by an attorney to ensure it complies with applicable laws and protects your interests.

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