This briefing explains what a petty cash float is, how to arrange one for your group and how to operate it.
What is a petty cash float?
A petty cash float is a small amount of money held locally that gives the group a means to pay for the day to day expenses of the group.
How to set one up
A petty cash float can be set up by email at email@example.com or on 0845 458 6211 requesting to do this.
Operating a petty cash float
- The float must be held locally by a member of The Society, who is a screened volunteer for the group.
- The petty cash float must not exceed £100. It can be held as cash in a lockable tin or in a personal bank account of the nominated holder.
- Records of all cash received and paid out must be kept (and backed up by receipts and cash count forms) and it must be reconciled regularly and always before it is topped up. We recommend you use a petty cash book for this (available from UK Office) or an accounting record sheet (available here) or a spreadsheet. The record must show an opening balance, all receipts received, all payments made and a reconciled balance (groups should reconcile the account on a regular basis eg after each meeting/event or set of transactions). An example can be found here.
- The float may be topped up from locally generated income but must not exceed the agreed amount. Any excess must be paid into The Society’s bank account (unless otherwise agreed) using the supplied account details (you can get this information by email at firstname.lastname@example.org or on 0845 458 6211) as soon as possible.
- If the petty cash float falls below the agreed amount the group can request a top up by reconciling the float and requesting a top up to the agreed amount by sending copies of the reconciliation and receipts for payments made and money received to UK Office.