What are the Seven main steps for maintaining a petty cash fund?

The seven main steps for maintaining a petty cash fund include:

1. Establishing a Fund: Determine the amount of cash needed and create a petty cash fund.
2. Designating a Custodian: Appoint a responsible individual to manage the fund.
3. Recording Transactions: Keep detailed records of all disbursements and receipts.
4. Replenishing the Fund: Regularly replenish the fund by submitting a request for reimbursement based on receipts.
5. Conducting Audits: Perform periodic audits to ensure accuracy and accountability.
6. Adjusting the Fund: Make any necessary adjustments for discrepancies found during audits.
7. Closing the Fund: If no longer needed, properly close and reconcile the fund, ensuring all transactions are accounted for.