Revised:  08/01/2023

Closing/Reducing the Petty Cash Account

A regular deposit in OAKS FIN needs to be completed to close or reduce a petty cash account. A petty cash account is closed when the full authorized amount has been deposited into the fund from which it was originally drawn in the Treasury.

Agencies may close the petty cash account when the need no longer exists because other procurement methods are available that meet the agencies needs.

• Follow the process below if the amount of an account exceeds operational needs and  should be reduced.

To close a petty cash account, process a voucher with proper receipts to replenish the account to the authorized amount. Coordinate this with the closure of bank accounts to recognize any final charges as expenses to be vouchered. The replenishment warrant plus funds on hand are deposited into the agency’s fund from which it was originally drawn, or to fund GRF if the original fund is no longer in use, using the OAKS FIN Regular Deposit/Direct Journal method.

If a bank account will no longer be used, notify the bank to close the account. Confirm that a final statement shows a zero balance. This is to ensure that service charges will not continue to be incurred. When coding the deposit, use revenue account code "450572."

Send a copy of the OAKS FIN deposit documents to the OBM State Petty Cash staff.

• Contact the OBM State Petty Cash staff to arrange for a final audit if the authorized amount is not accounted for.