Petty Cash Phase-out is Underway
In February, Valencia College’s District Board of Trustees repealed Policy 6Hx28:6-03.1: Expenditures, which removed petty cash reimbursement for emergency items costing less than $75 as a purchasing option.
To give employees time to transition from petty cash reimbursements to other forms of payment, there will be a phase-out period through Friday, June 28, 2019, the last working day of the 2018-19 fiscal year. During this transition period, you are encouraged to contact Valencia Procurement at email@example.com to determine which purchasing method works best for you.
Below are the College’s approved methods of payment.
- Purchasing Card — As noted in the Procurement Procedure for Commodities and Services, a Purchasing Card — also referred to as a P-card — is available to purchase many goods and services up to $999. This payment method does not require use of personal funds, and since the College’s tax exempt number is imprinted on the card underneath the owner’s name, sales tax charges can be avoided.
- Purchase Order — You may create a Standing (Open) Purchase Order — also known as a PO — which gives departments the flexibility to place orders on an as-needed basis, a convenient way to order routine supplies. Please note that check requests as a form of payment should be used on an exception basis only when the vendor will not accept a purchase order or P-Card.