Business and Financial Policies and Procedures
 

Close a Petty Cash Fund

Before You Begin

If your unit’s petty cash fund is inactive, University Student Financial Services and Cashier Operations (USFSCO) may close the fund. When your unit no longer needs a petty cash fund, close the fund rather than allowing it to remain inactive.

You must return the full amount of the petty cash fund when closing an account. For example, if your petty cash fund is for $100, you must return $100 to USFSCO.

When closing a petty cash fund, do not send cash to University Payables.

Begin

To close a petty cash fund:

  1. Reconcile and replenish your petty cash fund.
  2. Give the USFSCO cashier the total amount of the petty cash fund. Tell them that you are the petty cash fund custodian and you are closing the fund.
  3. Retain the cashier receipt for your records.

 

Related Policies and Procedures

Reconcile Petty Cash Funds Monthly
Replenish Petty Cash Funds

Additional Resources

USFSCO Petty Cash & Change Funds Link opens new window
Campus USFSCO office locations and hours:
    Urbana
    Chicago
    Springfield

Last Updated: October 21, 2011 | Approved: Senior Associate Vice President for Business and Finance - February 2008