Closing a Petty Cash Fund

If a petty cash fund is no longer needed, the custodian must close the fund by taking the cash to the Cashiers' Window. The Cashiers' Window will prepare a cash receipt with a credit to the Petty Cash Account, 11-00000-1101, give the custodian a copy and forward a copy to the Controller's Office. In cases where a custodian leaves without closing the fund and there are no receipts or records, any cash shortage may be charged to the operating budget of the custodian's department, reported to the IRS as income to the custodian, and reported to Internal Audit or the police for investigation.