Petty Cash Fund and Change Fund Reconciliations (FY25)

As we approach the close of the fiscal year, it’s important to ensure that all petty cashand change fundaccounts are properly accounted for and reconciled. These funds are considered part of the university’s assets and must be verified and reported as part of year-end financial statements. If you have petty cash or change funds please review and complete the following steps for year-end close.

In mid-June of each year, Tina Barnett will send an email to all custodians who maintain a petty cash or change fund. Information, instructions, and the reconciliation form will be included in the email.

Each fund must be reconciled as of the date Monday, June 30 ^th in order to report the correct balance in the financial statements. The deadline to return the forms is Tuesday, July 1 ^st by 5:00 pm.

Completed reconciliation forms should be submitted to  finance@ohio.edu . For more information, review the  Petty Cash and Change Fund Policy .

While getting the reconciliation for year-end complete by July1 is critical here are some additional things to review if you are responsible for petty cash/change funds:

1. Confirm the Custodian: Ensure the custodian of the petty cash or change fund is correct and in file with General Accounting and follow directions provided to make any necessary changes.
2. Deposit any funds no longer needed: If a petty cash or change fund is no longer needed, or the balance is consistently unused, coordinate with Finance to close out the fund.

Important Reminders for petty cash and change funds:

1. Change funds should remain intact — they are not to be used for expenses.
2. Petty cash must be used only for small-dollar purchases, following your department’s policies and the authorized purpose for which the petty cash fund was established and approved by Finance.
3. Ensure that petty cash and change funds are stored in a locked and secure location, and that access is limited to the authorized custodian or approved backup personnel.
4. Funds are subject to both internal and external audit and must always be accounted for in full.

Questions?

Contact General Accounting and Financial Reporting at  finance@ohio.edu .