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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

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Reporting Requirements for Annual Financial Reports of State Agencies and Universities

General Accounting

Governmental Reporting Overview
Petty Cash

The application of GAAP in the establishment of a petty or travel cash fund provides for the transaction to be considered a reclassification of cash. Texas Government Code, Section 403.245, further states that the creation of a petty cash account is not an expenditure of state money or a reduction of appropriation; therefore, the establishment of such accounts should have no effect on fund balance. However, if an agency increases budget with budget revision T-codes for a petty cash account in appropriated fund 0001, the operating statement is impacted. The change in fund balance is recognized as additional legislative appropriations. Use specific T-codes to account for the handling of petty and travel cash accounts. For more information, see Petty Cash Account (APS 010) (FPP A.044).

Ensure the following petty cash (current asset) GL accounts are correctly stated:

  • Imprest cash on hand (GL 0015)
  • Petty cash on hand (GL 0020)
  • Travel cash on hand (GL 0030)
  • Imprest cash in bank (GL 0041)
  • Petty cash in bank (GL 0042)
  • Travel cash in bank (GL 0043)
  • Restricted – imprest/petty/travel cash on hand (GL 0068)
  • Restricted – cash in bank (GL 0069)
  • Restricted – imprest/petty/travel cash in bank (GL 0070)

The total of cash in bank and restricted cash in bank GLs must equal the amount reported in Note 3. If agencies have petty cash in bank accounts, record the amounts as “cash in bank” rather than “cash on hand.”

Ensure the following cash in bank GLs are correctly stated:

  • Cash in bank (GL 0040)
  • Imprest cash in bank (GL 0041)
  • Petty cash in bank (GL 0042)
  • Travel cash in bank (GL 0043)
  • Cash in bank – revolving funds (GL 0044)
  • Restricted – cash in bank (GL 0069)
  • Restricted – imprest/petty/travel cash in bank (GL 0070)

For warrant cancellations, use T-code 951. Due to system programming limitations, this also requires the use of T-code 632 in order to debit GL account 5600 (GAAP Expenditure Offset) and credit the original GL that was entered on the purchase voucher.

Note: T-code 632 does not allow petty cash GL accounts. For the warrant cancellation entry to process using T-code 632, contact your financial reporting analyst who will temporarily allow the original petty cash GL account on the Trans Code Options Profile (28B) screen for T-code 632.