BSBFIN501 Resources Task 2 - Finance Policy and Procedures

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Megatech International College *

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BSBMKG609

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Accounting

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May 27, 2024

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docx

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King Edward VII College Finance Policy and Procedures

BSBFIN501 Manage budgets and financial plans This document is Finance Policy and Procedures. It is part of the supporting assessment resources for Assessment Task 2 of BSBFIN501. King Edward VII College Finance Authorisation Policy and Procedures Purpose of the Policy All finance transactions as noted in this policy are to be authorised by the noted authorised person prior to the transaction being undertaken. This policy is to be read in conjunction with other specific finance policies where relevant. Procedures Prior to any of the following finance transactions being undertaken, the authorising person noted must authorise the transaction. Where additional policy is noted, this policy must also be adhered to when undertaking the finance transaction. Finance Transaction Authorised Person Bank Accounts CEO/Finance Manager Issuing Petty Cash Senior Managers Business Credit Card Senior Managers Authorising New Customers Finance Manager Authorising New Suppliers Finance Manager Purchasing Stock Senior Managers Purchasing Assets/ Equipment CEO Debt Collection Senior Managers Payment of Invoices Senior Managers Cass Training Pty Ltd t/a Cass Training International College RTO No. 90309 CRICOS Provider No. 00956C Page | 2 © RTO Works Resources V 22 Oct 2022

BSBFIN501 Manage budgets and financial plans This document is Finance Policy and Procedures. It is part of the supporting assessment resources for Assessment Task 2 of BSBFIN501. Petty Cash Policy Purpose of the Policy Petty cash should be used to pay for small business expenses up to $100 where payments through accounts payable or credit card are not justified or appropriate Procedures Issuing Petty Cash Petty cash vouchers must be completed before any cash is taken from the petty cash float. Only up to $100 can be disbursed at any one time. All petty cash vouchers issued must be approved by a Senior Manager. Once the petty cash is spent, a receipt or invoice should be attached to the voucher and returned to petty cash with any balance of monies unspent All completed vouchers must have the following details included:  Issue date of voucher;  Name of person who issued the voucher;  Amount of monies disbursed;  Details of expense;  Invoice or receipt  Signature of approval person, Reconciling Petty Cash Petty cash float is to be reconciled at least monthly. This is the responsibility of {insert relevant job title here} All petty cash expenditure must be entered into the financial system once the petty cash has been reconciled. The balance of monies and vouchers must equal the petty cash float amount before reimbursement can be made. Reimbursement of petty cash will be authorised by a Senior Manager. Cass Training Pty Ltd t/a Cass Training International College RTO No. 90309 CRICOS Provider No. 00956C Page | 3 © RTO Works Resources V 22 Oct 2022

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