Petty Cash Setup & Operations
If your department seeks petty cash reimbursement from the Faculty and Staff Cash Office on an ongoing basis, it may be worthwhile to apply for a petty cash fund to keep on hand. However, please note that Ryerson’s preferred means of payment for low-dollar purchases is through the Ryerson Purchasing Card (P-Card). Learn more on the Purchasing Card page.
For full details, visit the Petty Cash Funds Policy. Note: Where the information on this site differs, policy provisions prevail.
Requests to set up a petty cash fund for your department can be directed to Anna Zsamboki, director, treasury and investing services, at firstname.lastname@example.org or 416-979-5000, ext. 2344 with the following information:
- Amount requested. Note that departmental petty cash funds are limited to $200 unless a higher amount has been approved by your department head.
- Nature and frequency of items being purchased.
- Name and position of the employee who will be responsible for the day-to-day operation and storage of the fund.
- Approval from the department head and cost centre manager.
- Names and sample signatures of employees authorized to approve petty cash payments on behalf of the department head.
Petty cash responsibilities
If you’re in charge of managing your departmental petty cash fund, you hold complete responsibility for the fund, including any audit requirements that may arise.
Petty cash must be kept in a secure place that’s controlled and accessed exclusively by the employee responsible for the day-to-day operation of the fund.
In case of loss, you must immediately notify Ryerson’s Security and Emergency Services department at email@example.com or 416-979-5040. Details of the loss should also be reported to Anna Zsamboki, director, treasury and investing services, at firstname.lastname@example.org or 416-979-5000, ext. 2344.
To transfer responsibility for the petty cash fund’s day-to-day administration, your department head must verify that the fund is balanced prior to the transfer. Clear evidence, such as receipts, should also support this verification.
Petty cash may only be used for university business expenses. It cannot be used for purposes such as personal loans or expenses, cashing cheques, salaries, wages, honoraria or business or entertainment meals.
When reimbursing expenses with petty cash, purchases must be supported by original receipts, showing the signature of the person authorized to approve petty cash expenses. For minor purchases that have no supporting documentation such as TTC fares or calling cards, department heads can authorize payment with a written statement.
Replenishing petty cash
Replenishing petty cash funds should be done before the funds have been used completely. To replenish funds, complete the petty cash fund replenishment form and include original receipts for expenses covered by petty cash funds clearly showing:
- date of purchase
- name of supplier
- description of item(s) purchased
- signature of person who received the funds
- signature of the person who authorized the expenditures
Once complete, submit the form to Financial Services at 1 Dundas Street West, 9th floor. Within 10 business days, the replenishment cheque will be made out to the person responsible for the fund’s day-to-day administration and can be cashed at their own personal bank.
Closing a petty cash fund
To prepare your petty cash fund for closure, please complete the following steps:
- Reconcile the fund by expensing outstanding receipts.
- Return any remaining cash to Financial Services by filling out a deposit slip with your department name and cost centre account included.
- Deliver the deposit slip with remaining cash to the Faculty and Staff Cash Office at 350 Victoria Street, Podium (POD) 66.
- Send an email confirming your fund is being closed to Anna Zsamboki, director, treasury and investing services, at email@example.com.
Note: Please do not send cash through internal mail.