14. Cash Payments - Specific Controls
Since cash payments impose greater risk than cheque payments, an extra degree of care needs to be exercised. It is recommended that -
14.1 |
Every effort should be made to reduce cash payments.
|
14.2 |
All cash payments should be made from a fixed cash float (imprest) which is replenished from the bank as and when necessary.
|
14.3 |
All replenishment claims should be backed up by petty cash vouchers (Refer Annex. 08), with supporting documents.
|
14.4 |
Petty cash vouchers to be authorized by persons other than the cashier or claimant.
|
14.5 |
Regular spot checks of the petty cash float should be made by an authorized officer and any differences to be investigated.
Petty Cash Float |
x |
Less: Approved vouchers not replenished up to that date |
(x) |
Expected petty cash balance |
x |
Less: Verified balance
|
x |
Difference |
x |
|
