Closing Petty Cash and Change Funds
Directive Statement
It is the custodian’s responsibility to immediately close a Petty Cash Fund or Change Fund once the purpose for which it was initially established for has ended or has changed significantly. All Cash Funds should be active, and any inactive Cash Funds should be closed. Cash Funds are considered inactive if they have no activity during a fiscal year.
Reason for Directive
Banking & Merchant Services is responsible for the stewardship of the University’s cash and investments, including Cash Funds. This directive provides assurance that Cash Funds will be authorized, well-safeguarded, and appropriately used.
Who Must Comply?
All University departments.
Procedures
It is the custodian’s responsibility to immediately close the cash fund once the purpose for which it was initially established for has ended or has changed significantly. If the custodian assigned to the cash fund ends employment with the University, the cash fund must be closed or assigned a new custodian using the “Change to Existing Fund” form as previously stated. The cash fund balance must be reconciled by comparing the amount of authorized fund balance to actual cash and receipt totals. The fund must be replenished to its original balance before being closed. To close a Cash Fund contact Banking & Merchant Services at TMhelp@admin.ufl.edu. Banking & Merchant Services will create a deposit in PeopleSoft and will notify the department of the deposit number. The department’s fiscal office then proceeds with the remaining steps of the deposit (creates a deposit transmittal form and submits the deposit to the Cashier Office at Criser Hall as with other departmental deposits).
Last Reviewed
Last reviewed on 03/20/2024
Toolkits
UF HR Toolkit – Deposit Transmittal
Contacts
Cashier: (352) 392-0185
Banking & Merchant Services: (352) 392-9057