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> Financial Services Department > Guide to Financial Management > Financial Management > FIS Accounts - Establishing Changing and Deactivating > Cash Float Accounts
Cash Float Accounts
A department may require cash for making change (i.e. cash float). This may be an ongoing requirement or related to a specific event.
In either case, when cash is required for purposes of making change, an account is established to record the movement of cash from the University's bank account to the department. The new account identifies the requesting department as the new custodian of the designated amount of cash. Since this is simply the reassignment of a cash asset, there are no entries to the department's revenue or expense accounts. A specific custodian of the cash float must be identified.
Summary of key requirements
Action to avoid
Accounting records will not properly reflect departmental operations if the cash float is not used as expected. It is important to avoid:
The signature of the head of the unit is required to: establish the fund, increase or decrease the fund, change the fund custodian, or close the fund.
The department should report any thefts or attempted thefts immediately to the University of Toronto Police and to the head of the department.
Shortages are the responsibility of the custodial department and amounts required to restore the fund must be charged to a departmental account. This can be done from petty cash or using a Cheque Request Form.
Any transaction to restore a fund shortage should be so identified and approved under the signature of the head of the department.
Fund overages may be the result of short changing a customer. If the appropriate disposition of the excess amount of cash cannot be determined, the excess should be deposited to a departmental account through the Cashier, Financial Services Department.
Report all fund overages to the head of the department.
Leave the Account Number field blank on the Cheque Request Form. The Financial Services Department will process the payment, and inform the originating department of the account number that has been assigned to the fund. For more information on completing the cash float form, refer to the instructions.
Complete the Cash Float Form and submit along with a copy of the completed internal cash receipts deposit form to Accounting Services as noted above.
Complete the applicable section of the Cash Float Form and send to the Financial Services Department (as above), or fax 416-978-5572.
Complete an Internal Cash Receipts Deposit Form and submit along with the cash in the amount of the fund to the Cashiers Office, Financial Services Department.
Complete the Cash Float Form and submit along with a copy of the above completed Internal Cash Receipts Deposit form to Accounting Services, Financial Services Department
The department can use the FIS Display Vendor Line Items transactions (Accounts Payable >> Account >> Display) to view the balance of the cash float account. For additional information, contact your FAST Team Representative or Accounts Payable.
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