Corresponding with: OSR Policy 500.14 Cash Advances

Procedure Statement

This procedure details the steps to request and reconcile a Cash Advance related to a sponsored project. The UNC Finance Division’s Policies and Procedures Manual should be followed for requesting and reconciling cash advances for non-sponsored activities.

Policy Reminder — Expectations of Cash Advance management:

  • All advances must be reconciled within 60 days after receipt of the advance.
  • A project can only have two outstanding advances at a time.
  • Advances to a third-party institution or University foreign facility will not exceed two months of that institution’s operating cash.

Forms/Instructions

REQUESTING A CASH ADVANCE

  1. TRANSACTION CREATION
  2. Create a Campus Voucher in ConnectCarolina
    Finance Menu > Accounts Payable > Vouchers > Add/Update > Campus Voucher Entry

    Wire Transfers in Foreign Currency

  3. APPROVAL PROCESS
    • Assigned OSR Pre-Audit Technician receives Cash Advance request
    • Request is reviewed for completeness and allowability on the project
    • OSR Pre-Audit Technician approves or rejects the request
    • If approved, the request is submitted to UNC Disbursement Services for approval and processing
      • For Foreign wires, the voucher is created by Accounting Services
    • Payment is submitted to the Cash Advance recipient by Accounting Services

    RECONCILING A CASH ADVANCE

    1. TRANSACTION CREATION
    2. Create a Campus Journal in ConnectCarolina
      Finance Menu > UNC Campus > Campus Journals > Campus Journal Entry > Cash Advance Settlement

      • Create reconciling journal moving expenses from account code 559510 to the appropriate account code for the type of expense
      • Complete and/or attach the following documents to the journal transaction:
      • Mail all applicable documents (note: receipts, invoices, and or other expense documentation must be ORIGINAL) as listed on the Cover Sheet to OSR Pre-Audit
      • Submit journal for OSR Pre-Audit approval with sufficient time to meet reconciliation deadline
    3. APPROVAL PROCESS
      • OSR Pre-Audit Technician reviews the journal documentation for completeness and allowability
        • The transaction will be subject to rejection without all required documents
      • OSR Pre-Audit Technician approves or rejects the reconciliation journal

      Revision History

      08/26/2017 Revised policy to clarify expectations of cash advance management and updated procedures.

      05/29/2013 Revised procedure to include link to OSR Guidance related to Finance Division Policy 302: General Receipts and Deposits.

      01/06/2011 Revised policy to clarify authorization required by Principal Investigator.

      4/30/2010 Revised procedure to conform with Finance Division policy and procedure.

      9/4/2009 Changed title of policy from Requesting Payment for Study Subjects to Cash Advance Request and Reconciliation to reflect additional types of requests for advances.

      The policies in the Office of Sponsored Research Policies & Procedures Manual supersede any OSR policies, procedures and appendices previously included in the University Business Manual, a publication of UNC Chapel Hill’s Division of Finance.