PETTY CASH
22/10/24, 23:33
PETTY CASH
PETTY CASH Manuele Mariani USER
What is Petty Cash? Petty Cash is a small amount of cash kept in-store to pay minor expenses. It must not be used for employee advances or loans.
What are minor expenses? Low-cost business supplies or emergency supplies not readily available through the central supply channel (Local Head Office)
Who Can Access Expenses Allowed Disbursement and Tracking
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End Month Counting Replenishment Finance Control
Key Points Plafond defined by Retail Ops, Finance Head and Retail Head and shared with Internal Control Maximum 1,000 euros (or equivalent - currency converter here) per month The Finance and Retail Ops Head (only) may consider amendments. Multiple replenishments per month are forbidden. If necessary, Finance, Retail Ops Head and Retail Head shall be informed and may approve the replenishment. Where Petty Cash shall be kept: → store safely (always locked). → dedicated container/box with secure access (key or code) separate from the till float and bank deposits Opening/closing the petty cash box shall be done under CCTV cameras Anytime a Store Manager or Petty Cash Cashierleaves Fendi, additional store staff shall perform a Petty Cash reconciliation before departure. Store staff shall provide evidence to Finance and Retail Operations.
Creation > Petty Cash Fund Determined and transferred from the Finance Manager (authorized as per bank signatories) to a Local Bank, where the Store Manager or the Retail Manager is delegated to retrieve the funds. Once in the Boutique, the Store/Retail Manager secures the cash in the Petty Cash safe.
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Who can access the Petty Cash Fund? The Petty Cash Cashier, their backup person, and the Store Manager are ultimately responsible for correct Petty Cash management. The Petty Cash Cashier and their backup person as appointed by the Retail Head. (Selection of the persons in charge of the Petty Cash shall be decided by the manager when the store organization allows.) The appointed person in charge of the Petty Cash shall endorse on the Petty Cash Acknowledgement Form (Applicable only for SEAA).
Which type of expenses are allowed? Expenses that can be paid from Petty Cash include, but are not limited to, the following: Couriers Postage Food& Beverages VIC clients and confections offer to client (under 250 euros) Food & Beverages staff (in stores due to stocktaking or busy periods) Local transportation (taxi) or treats only for client satisfaction purposes Cites (for Italian stores) Independent quality certification released by Local Authorities (for Russia) Delivery of store documents to the back office Flower for client
🔈 Expenses above 250 euros (or equivalent in local currency) shall be managed through the central supply system – direct supplier invoicing. Recurring store expenses should be regulated as much as possible through the central supply channel (i.e., SAP, Infinity). ⚠️Meals offer to clients shall not be managed through Petty Cash, but using Travel& Expenses tool (i.e. Sarce, or similar), after the formal approval by Retail Head. Exceptional expenses shall be justified. Correct procedures for cash disbursement and tracking Store Managers shall approve expenses and the amount spent. The Petty Cash Cashier retrieves the necessary funds from the petty cash. https://fendi.sharepoint.com/sites/CICERO/SitePages/Petty-Cash.aspx
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Receipts shall be collected for each expense. The Petty Cash Cashier secures the change (if any) in the safe. All expenses shall be recorded in the Petty Cash Report, CN Petty Cash Report (i.e., Excel/E-Closing Tool/BeanStore). The Petty Cash Report must be completed for each month regardless of whether or not any disbursements are made. NB The movement of petty cash – removal, handover, and return of change shall be traced to avoid misunderstanding.
Instructions Only if you use the BeanStore Maintenance Module (Applicable only for US) How to track the disbursement of Petty Cash Access BeanStore Maintenance Click Pay Out. In the Reason field, select the type of expenses from the list. Select Petty Cash from the Safe drop-down menu. Insert the value of the expenses and record the justification in the note field. Select Next to confirm A final window reports the total amount used from the Petty Cash Click Save to confirm the operation and record the play out from the Petty Cash
How to insert the Petty Cash Expenses in BeanStore Maintenance (applicable only for ITA, FR,MC,CH) 👉 BEANSTORE MAINTENANCE INSTRUCTION - Petty Cash - Safe - Tender Transfer - Expenses Pay Out
Instructions Only if you use BeanStore POS System (Applicable for all rEvoltion Countries excl. US) https://fendi.sharepoint.com/sites/CICERO/SitePages/Petty-Cash.aspx
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How to track Petty Cash disbursement Access the store POS menu.
Select Advanced Functions and open the Manager Menu. Select Cash Office, then Petty Cash In. Enter your user ID and password, then click the green Enter button to confirm.
- In the case of Petty Cash Expenses:
Enter the expense amount and the reason code (e.g., flowers), then click the green Enter button to confirm. Petty Cash and End-of-Month Reconciliation Who: Two persons (the Petty Cash Cashier and Store Manager). REMEMBER, the Store Manager is responsible for the Petty Cash. When: End of Month. How: Under CCTV cameras, using a Petty Cash Report (i.e., Excel/E-Closing/BeanStore). The Petty Cash Cashier and the Store Manager count the remaining petty cash fund. Reconciliation results (matching funds and receipts) are noted in the Petty Cash Report. Potential discrepancies must be reported immediately. Every month, all receipts shall be sent by email/uploaded from the E-Closing tool to the accounting team/back office. NB: Within Bean Store Maintenace during the daily closing reconciliation flow, petty cash will be reconciled. Petty Cash shall be signed off by the two individuals involved in the Petty Cash reconciliation as evidence of the control performed. NB Any discrepancy/doubt shall be reported immediately (on the same day) to the Finance and Retail Head, Internal Control. How to replenish the Petty Cash fund Performed once per month, authorized by the Finance Manager, who checks the frequency of replenishments and the fund limit established for each store. Replenishment of the Petty Cash fund is up to the plafond limit established for each store. Petty Cash can be replenished by: https://fendi.sharepoint.com/sites/CICERO/SitePages/Petty-Cash.aspx
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Cash Drawer funds (this movement must also be noted on the Daily Sales and Cash Reconciliation Sheet/Report.) Cash delivered to the store manager via the armoured car service Transfer to the personal bank account of the store manager (only with the Finance Manager's approval) The amount of replenishment shall be noted in the Petty Cash report.
Instructions Only if you use BeanStore (Applicable only for the US) How to replenish the Petty Cash fund Access BeanStore Maintenance. Click Tender Transfer on the drop-down menu. In the Reasonfield, enter Transfer from Safe to Petty Cash from the value list. The system automatically fills in the fields Take Money from, Place Money in and Payment Type based on the transfer selected.
- Manually enter the value to be transferred and fill in the justification Comment fields
Select Next to confirm Click Save to confirm the operation and move the cash from the Safe to the Petty Cash Fund at the system level.
Instructions Only if you use BeanStore POS System (Applicable for all rEvoltion Countries excl. US) How to replenish the Petty Cash fund Access to the store POS menu. Select Advanced Functions and then open the Manager Menu. Select Cash Office, then Petty Cash In. https://fendi.sharepoint.com/sites/CICERO/SitePages/Petty-Cash.aspx
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Enter your user ID and Password and click the green Enter button to confirm.
- In the case of Petty Cash Replenishment:
Enter the Petty Cash amount and the reason code Petty_Cash_Replenishment, then click the green Enter button to confirm
How to perform the Petty Cash Replenishment in BeanStore Maintenance (applicable only for ITA, FR,MC,CH)
👉 BEANSTORE MAINTENANCE INSTRUCTION - Petty Cash - Safe - Tender Transfer - Replenishment
Controls at Finance/Back-office level The Finance Manager shall: validate the legitimacy of expenses check the presence of valid supporting documentation (receipts) match the amount reported on the petty cash report with the receipt check the reconciliation of the petty cash fund check the Petty Cash report has been signed check the frequency of replenishment (once per month) check that Petty Cash reconciliation is performed before the Store Manager or Petty Cash Cashier leaves Fendi.
Petty Cash Acknowledgement Form > Only for SEAA
How to (If you use BeanStore) ONLY for US > Petty Cash
How to (If you use BeanStore) for all Excl. US > Petty Cash
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PETTY CASH
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Source: BOUTIQUE/CASH MANAGEMENT/PETTY CASH.pdf