Petty Cash and Finance

1. Petty Cash

Each Home has a petty cash imprest which is the responsibility of the Registered Manager. The cash must be held in a locked safe which meets insurance requirements.

Cash is delivered to the Children's Homes every week (Thursday) to replace the amount spent on the running of the home. Staff must complete a petty cash claim (CR6) every week, ensure it has manager approval and submit it to the Civic Centre for this to happen. When cash is delivered Staff must check the amount is correct and sign for it.

2. Managing Petty Cash

It is essential that all expenditure is entered in the petty cash book. This is an audited record. A receipt must be obtained where possible, be numbered, and kept in the receipt tin. 

When it is not possible to obtain a receipt a CR7 can be used as a replacement

The balance showing in the book must match the amount of cash in the petty cash tin minus any outstanding advances. It is essential to count the petty cash at handover so that any discrepancies can be sorted out immediately before staff go off duty. The petty cash book must be signed to agree that this has been undertaken. If a member of staff does not follow this process, then they are responsible for any discrepancies when they handover to the next shift.

When a member of staff takes out cash out of the petty cash tin for any reason, they must enter the amount in the advance book and sign it out to themselves. This ensures that all cash can be accounted for at any time.

Staff must take care when making entries and if amending the balance in the petty cash book. Careless mistakes can take hours to correct.

3. Other Financial Records/Requirements

• Record of the use of stamps. The use of stamps must be recorded in the stamp book. A supply of first and second-class stamps is kept for staff to use for business purposes only and for children for personal mail. This is an audited record. Totals need to be checked regularly and any discrepancies accounted for;
• Record of Amenities accounts. Receipts must be kept and a record of expenditure and income. This account audited annually;
• Budget expenditure. Managers must use the Agresso or system to record and monitor budget expenditure;
• Record of expenditure on All Pay Cards. These are used by those who are authorised to purchase goods. Expenditure on these cards must be monitored and recorded by management and entered on Agresso;
• Record of the receipt of monies. Any monies received by the establishment, other than petty cash, must be receipted. Any monies taken from children in the form of restitution must be recorded in their pocket money record and be receipted. The receipt number must be entered next to the entry in the pocket money book;
  Board monies must be recorded on a record of board monies sheet and this must be kept in their personal file; 
  Any monies received, once receipted are stored in a locked tin ready to be paid into the Civic Centre. Once they are paid into the Civic Centre a receipt will be given and this must be stapled into the receipt book to match the appropriate entry. This is very important as the auditors use this book to check all accounts.
• Inventory and Disposal Record. The inventory record must be completed to record any large items and electrical goods that are purchased for the Home. This is an audited Record;
  The disposal record must be completed when large items including electrical goods are disposed of. This must be signed by a Manager. This is an audited Record;
• Financial records in relation to Children's clothing and pocket monies.

See Clothing, Pocket Money and Allowances Procedure