How To: Close a Petty Cash Fund
Who does this? Petty Cash Custodians or Department Heads
When? When a petty cash fund is no longer needed
How? By replenishing the petty cash fund to the original amount and then depositing the full amount at Wells Fargo Bank
Close a Petty Cash Fund (3 steps)
Restore fund to original cash amount with no outstanding receipts or replenishment requests:
- Reconcile petty cash fund.
- Process outstanding receipts and submit replenishment request in iOU Petty Cash module.
- Receive replenishment check from Disbursements.
- Deposit the replenishment check as instructed below.
Prepare cash and any un-cashed replenishment checks for deposit. Contact Financial Support Center to obtain an account number to credit with the deposit:
- Contact Cash Management to obtain the PTAE to use to deposit the funds.
- Complete a Wells Fargo Deposit Ticket (available at Cashier's Office) AND Complete Department Transmittal Form (Deposit Form):
- Use the account Project, Task/Award and Expense numbers provided by Cash Management.
- Under Explanation of Deposit, indicate "close petty cash fund # 82XXX"
Deposit the cash and any un-cashed replenishment checks at Wells Fargo Bank, 2nd floor, Tresidder Memorial Union:
- Obtain a receipt for the deposit from Wells Fargo Bank.
- Send a copy of the deposit receipt AND the Department Transmittal Form to Financial Support Center via email, or to Cash Management via ID mail to MC 8440
- Retain the deposit receipt from the Wells Fargo Bank with petty cash records.
What Happens Next?
- Cash Management closes the petty cash fund and will confirm via email to the requesting department that the fund has been closed.
- Financial Support Center (3-2772)