Balancing Petty Cash Funds
When reimbursements by the custodian deplete the amount of cash, receipts are added to account for the expenditures and keep the petty cash fund in balance. At any time, the total cash on hand plus the total receipts and reimbursement requests in process should equal the original amount of the petty cash fund. If the fund does not balance, the Controller's Office should be contacted for assistance. A petty cash fund should always be balanced before a request is made for replenishment. Balancing and replenishment must be done for year-end, May 31.
Overages and Shortages. Money lost because the custodian has failed to safeguard the fund or allowed it to be improperly used is the custodian's liability and must be repaid by the custodian. Money lost due to circumstances beyond the control of the custodian is repaid from the department's budget or other available operating funds. Overages in the fund must be deposited with the Cashiers into a departmental account.