Petty Cash and Finance

Contents

1. Finance
2. Petty Cash
3. Official Orders

1. Finance

As The Ride is a London Borough of Hounslow establishment, our budgets are centrally funded. In liaison with the Finance Department, budgets are set before the beginning of each financial year and monies are allocated to each budget i.e. salaries; provisions etc.

The Unit manager must use the online accounting tool to review the previous month’s spend and any projected spending required, to ensure the home and the service provided to the young people remains at a high standard whilst remaining within the allocated budget for the year. Advice can be taken from the accountant where needed.

2. Petty Cash

The Home’s spend is now almost totally managed through a pre-payment system and the card is regularly uploaded with sufficient money to cover all usual daily expenditure. Both Managers are bank signatories and can visit the bank if and when additional petty cash is required. Cash can also be drawn on the pre-payment card.

The Shift leader has overall responsibility for the pre-payment card and cash expenses during the shift. At the end of each shift any cash and the pre-payment card must be handed over to the next person, who will be the next shift leader.

3. Official Orders

Official Order Forms are used to purchase goods and services e.g. furniture/repairs when the cost of the goods/service required exceed the sum of £75.00 – which is Hounslow’s financial limit for any one cash purchase.

The white copy of the order is given to the supplier for invoicing purposes and the pink and green copies given to Business Support Officer, who will record and pass the invoice to the Civic Centre for payment.

Official Orders are kept in the bottom safe and recorded numerically when the are issued: the date issued; supplier & what for and can only be issued by a Manager or Business Support Officer. The orders must be completed before they are taken out of the unit and signed by a Manager with a limit ‘Not to Exceed’ written on them.