ASCOTT雅诗阁酒店公寓品牌财务部门政策与程序APP C01(Petty Cash)

TAG Policy & Procedures Department: Finance Topic: Cash & Bank Management C01 1. 1.1 1.2

2. 2.1 2.2

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2.3

Amount should be based on local operational needs; Amount should not be excessive; and

Amount must be approved by the Cluster/Country Finance Head. POLICIES

The Property Finance Manager shall appoint a Finance Officer as the custodian for the float. For properties where the Finance Department is located offsite, the Property Manager shall appoint an officer at the property to be the custodian for the float.

The petty cash is to be maintained on an imprest system. As a general guide, the amount of Petty Cash Float at each property should not exceed S$3,000 or its equivalent. In setting the Petty Cash Float, the following consideration applies: PETTY CASH OBJECTIVE

This section serves as a guideline in establishing the petty cash float, handling of petty cash payments and subsequent replenishment.

The purpose of the petty cash is to reimburse employees for small purchases paid by employees and incurred on behalf of the Company/Property and to provide advances for small purchases and expenses where cash payment is required.

Section: Date Created: Revised: Page: APP C01 Apr 2001 Feb 2007 (Ver 2) Page 1 of 3 It is recommended that the maximum limit of the amount that can be drawn from the Petty Cash Float per payment is S$300 (or its equivalent) or any smaller amount as determined by the Cluster/ Country Finance Head. Any payments above the said limit should be processed through cheque payments.

The petty cash shall be kept under lock and key at all times.

All petty cash payments must be raised through Petty Cash Vouchers (“PCV”). The designated custodian of the fund must check and ensure all PCV and supporting invoices/bills/documents are properly authorised before effecting the cash payment. All petty cash vouchers must be numbered, signed by the recipient, stamped “PAID” on supporting invoice / bill and subsequently filed in sequential order.

Surprise petty cash count must be conducted on a regular basis (at least once every 2 months) and the count must be properly documented and endorsed. The cash count may be conducted using the Cash Count Sheet.

2.4 2.5 2.6 2.7

COMPANY CONFIDENTIAL

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2004. Ascott International Management (2001) Pte Ltd. All Rights Reserved. No part of this document may be resold, reproduced or transmitted in any form by any

means without the written consent of the publisher.

TAG Policy & Procedures Department: Finance Topic: Cash & Bank Management 3.

PROCEDURES

Section: Date Created: Revised: Page: APP C01 Apr 2001 Feb 2007 (Ver 2) Page 2 of 3 3.1 Petty Cash Claims

3.1.1 All petty cash claims shall be initiated through the Petty Cash Voucher (“PCV”).

3.1.2 All petty cash claims must be accompanied by properly authorised PCVs, with the

attachment of all relevant supporting documents.

3.1.3 All supporting receipts and bills must be original. Otherwise, the claimant must provide

valid explanation, which must be documented on the PCV.

3.1.4 All authorisations must be originals. Rubber stamp approval is not acceptable.

3.1.5 Upon receipt of the cash, the recipient must personally sign/ acknowledge on the voucher

“received” column.

3.1.6 After payments have been made, the petty cash voucher details must be recorded in the

cashbook module in the accounting system (if available) or a petty cash book (or petty cash worksheet).

3.2 Petty Cash Advance

3.2.1 For cash advance payment, the following procedures shall apply:

(a) No cash advance shall remain long outstanding. All cash advances must be settled

within 3 days from the completion of the underlying task (e.g. adhoc purchase);

(b) Purpose and expected date of liquidation of the cash advance must be indicated on

the PCV;

(c) Petty cash voucher raised for such purpose shall be filed separately until the amount

is liquidated;

(d) All advances claimed from the petty cash float must be closed with a subsequent

petty cash voucher indicating the actual expenses incurred with the relevant original supporting documents;

(e) Once liquidated, the petty cash advance voucher shall be returned to the claimant /

requestor; and

(f) Cash advance must be monitored and long outstanding cash advance (more than 3

days from date of expected liquidation) must be followed up accordingly.

3.3 Petty Cash Reimbursement / Replenishment

3.3.1 The petty cash imprest fund will be replenished as and when required. As a general

guide, when float runs down to 20% of the original float amount, it shall be replenished according to the following procedures:

COMPANY CONFIDENTIAL

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2004. Ascott International Management (2001) Pte Ltd. All Rights Reserved. No part of this document may be resold, reproduced or transmitted in any form by any

means without the written consent of the publisher.

TAG Policy & Procedures Department: Finance Topic: Cash & Bank Management (a) Raise payment voucher and attach the manual petty cash record (either system

generated or manual), together with other “PAID” original supporting documents to Property Finance Manager (onsite or offsite) for checking and subsequent approval;

(b) Cash reimbursement will be effected by cheque payable in the custodian’s name with

authorized signatures per the bank authorization limit; and

(c) The custodian will cash the cheque and keep cash in locked safe and update the

petty cash book.

3.4 3.5 3.6

The amount of float required may be adjusted subject to the operations / administrative requirement and the Cluster/ Country Finance Head’s approval. This can be done by memo from the custodian with the justifications attached.

Petty cash reconciliation must be done at the end of each month and submit to the Property Finance Manager (onsite or offsite) for review.

The Property Finance Manager or a staff appointed by the Cluster/Country Finance Head who is independent of the custodianship of the petty cash float will have to perform cash count on the petty cash fund at the end of each month and reconcile the balance to accounting records. Likewise surprise checks on petty cash float must also be performed regularly (at least once every 2 months). Any discrepancies must be noted and investigated immediately. Any unexplained differences must be brought to the attention of Cluster/ Country Finance Head for follow-up actions. STANDARD FORMS Cash Count Sheet Petty Cash Voucher

(Appendix C1) (Appendix C2)

Section: Date Created: Revised: Page: APP C01 Apr 2001 Feb 2007 (Ver 2) Page 3 of 3 4 4.1 4.2

COMPANY CONFIDENTIAL

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2004. Ascott International Management (2001) Pte Ltd. All Rights Reserved. No part of this document may be resold, reproduced or transmitted in any form by any

means without the written consent of the publisher.