Frequently Asked Questions

Petty Cash

1. Should child welfare petty cash be included on report?

A. Yes. Petty Cash Fund Report has two columns: General Fund and Other Funds.

2. Agency has a $200 authorized level of petty cash. How can agency return petty cash?

A. A voucher must be completed to replenish and then redeposit. (see Paragraph 2.6 and 2.7, Chapter 12 of the State Accounting Manual)

3. How does an agency establish a Petty Cash Fund or increase the amount of funds in an existing Petty Cash Fund?

A. Send a request to the Director of the Administrative Services Division in memorandum form. The memorandum should include from what fund the advance is requested, amount requested, justification for request and length of request. Request should come from the agency head. (see Paragraph 2.3, Chapter 12 of the State Accounting Manual)

4. How does an agency obtain an exemption to exceed the $50.00 threshold per incident for the use of petty cash?

A. Submit an email to OSC.PettyCash@po.state.ct.us  with the dollar amount, the justification, the agency name and the name, address and telephone number of a contact person. (see Paragraph 2.4, Chapter 12 of the State Accounting Manual)

5. What steps should an agency take if an unexplained shortage is discovered in the Petty Cash Fund?

A. In the event a significant unexplainable shortage is discovered in the Petty Cash Fund, the following steps must be taken:
 
(1) The Petty Cash Fund Custodian must report all losses to the agency head immediately. If a loss results from an apparent criminal act or under mysterious circumstances, the agency must:
 
1. Immediately notify the local police department or if applicable, local security division, i.e. campus police, capital police, etc.
 
2. Within forty-eight hours of discovery complete and submit Form CO-853 Report of Adjustment to State-Owned Real and Personal Property  to both:
 
Office of the State Comptroller .    Auditors of Public Accounts
Administrative Services Division    State Capitol
55 Elm Street    Hartford, CT 06106
Hartford, CT 06106

The report should include in the "Brief Description of Property" the fund from which the petty cash fund was created. Questions regarding the reporting of losses should be directed to the Office
of the State Comptroller, Administrative Services Division, Telephone 702-3440.
 
(2) Replenishment for Petty Cash Loss: A separate voucher must be submitted promptly by the agency to replenish the Petty Cash Fund for the amount of the loss. A copy of the loss report - Form CO-853 must be attached to the voucher, to substantiate the claim for replenishment. The loss must be charged to the custodial agency's appropriation, using Expense Account 54762 - Petty Cash Losses.
 
(3) Monies recovered directly by the agency are to be recorded in the Accounts Receivable module within Core-CT using account code 54762 - Petty Cash Losses crediting the custodial agency's appropriation for current year recoveries and account code 44410 for Prior Year recoveries. Petty Cash Fund losses recovered under fidelity bond coverage will be treated by the Comptroller in the same manner as recoveries of other types of losses.

To obtain the use of funds realized from an insurance settlement, process an "Allotment Request Form", B-107.(see the Property Control Manual).

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