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)

step 1

Restore fund to original cash amount with no outstanding receipts or replenishment requests:

  1. Reconcile petty cash fund.
  2. Process outstanding receipts and submit replenishment request in iOU Petty Cash module.
  3. Receive replenishment check from Disbursements.
  4. Deposit the replenishment check as instructed below.
step 2

Prepare cash and any un-cashed replenishment checks for deposit. Contact Financial Support Center to obtain an account number to credit with the deposit:

  1. Contact Cash Management to obtain the PTAE to use to deposit the funds.
  2. 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"
step 3

Deposit the cash and any un-cashed replenishment checks at Wells Fargo Bank, 2nd floor, Tresidder Memorial Union:

  1. Obtain a receipt for the deposit from Wells Fargo Bank.
  2. 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
  3. Retain the deposit receipt from the Wells Fargo Bank with petty cash records.
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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.

Questions?

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