The IM Fund is a small cash fund to make incidental purchases during onsite projects where normal purchasing methods are not practical. Special care must be taken to protect such funds from theft or misuse.

IM Funds are intended for small, incidental purchases. The amount of the fund should not exceed the amount of expenditures required in a 7-day period.

A request for the said funds must be made to the finance office.

To create or make changes:

  1. In the event you want to decrease or close the amount of your IM cash fund, the custodian should deposit the amount of the fund reduction to AS ONLINE CONSULTING INC bank account by sending an email to the finance department (finance@houseofit.com.au) indicating the new amount of the fund.
  2. In the event of the change in custodian, the current custodian shall return back the funds to the finance department by depositing it to the AS ONLINE CONSULTING INC. bank account. The custodian is also tasked to send an email to the finance department (finance@houseofit.com.au) informing your turnover.

Original receipts for each IM fund expenditure must be obtained by the custodian. Such receipts must have the following company information:

  • Name: AS ONLINE CONSULTING INC
  • TIN No: 424-415-779-000
  • Address: Banilad, Mandaue City

It is important also to have the VAT Amount computed with every purchase and when the IM cash fund depletes, the finance department shall be given a bank statement by the custodian on a weekly basis to top up the IM cash fund once more.

IM Cash Fund may not be used for:

  • IM cash funds may not be deposited into personal bank accounts or mixed with other funds.
  • Purchases of goods and services
  • IM cash funds may not be expended for:
  • Salaries, wages, benefits, or similar payments to individuals.
  • Purchase of goods or services for the personal use of the staff.
  • Requesting a hard copy of bank statement of an employee.
  • Purchase of alcoholic beverages.
  • Donation to charitable institutions or any Sponsorship.
  • Payroll advances, travel advances, and loans to employees.
  • Cashing checks for employees or other individuals.
  • Reimbursement of entertainment expenditures.


IM cash Funds should be properly secured at all times. Access to the funds should be restricted to one person (e.g. the IM Fund custodian or a person who has been designated to handle the funds)

Cash on hand/in bank and receipts for disbursements should always be equal the assigned amount of the IM fund. This cash should be counted daily and logged onto the Xero Expense Claims.

IM funds are subject to unannounced verifications by the finance department. At the time of the audit, the IM fund custodian must provide a full accounting presentation of the fund.

Consecutively, monthly, the IM Fund custodian and department head, or designee (other than the custodian), are required to review each IM fund under their control and verify the following:

  • The fund is still needed for the amount authorized.
  • The sum of cash on hand/in bank and receipts for unreimbursed expenditures is equal to the amount which has been authorized.
  • The funds are secured and not deposited in a separate bank account.
  • The custodian is the custodian on record.
  • The IM fund policy and supplemental guidelines has been reviewed and the fund is being used in accordance to the policy.
  • Failure to complete the monthly review may result in the closure of the IM Funds.