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Deposits with the Cashier

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Controls and Responsibilities When Depositing Cash with the Cashier

When cash is received in any department in the University, the objective is to deposit and record it promptly. Administrative Procedure: All cash receipts, without exclusion, should be deposited the sooner of weekly or when cash receipts total $500, into a University of Toronto bank account in the name of the Governing Council of the University of Toronto, authorized under the Banking Resolution.

Deposits should be made promptly in the interest of:

  • Security – Cash on the premises carries with it a risk of theft.
  • Economics – Cash generates investment income for University operations only from the time it is banked
  • Public relations – Delays in depositing cheques from University customers, donors and funding agencies sends a negative message.

Departmental Responsibilities:

  • Maintain the security of the cash
  • Prepare the cash for deposit
  • Prepare the deposit report
  • Prepare journal entry to record the transaction in FIS
  • Deliver the cash and deposit report to the Cashier
  • Verify deposit and accounting entries

Cashier’s Responsibilities:

  • Verify and confirm deposit
  • Deposit cash in the bank
  • Process clearing entry

Preparing Cash for Deposit

 

This procedure relates to requirements of the Cashier, Financial Services Department.

Departments which make direct deposits have different procedures and deposit forms. These are discussed further in the Direct Deposits section.

Definitions:

  • Cash – As defined in The Cashier Function, includes currency, personal cheques, certified cheques, money orders, traveler’s cheques and bank drafts.

The procedure for preparing a deposit further breaks down Cash into “Currency” and “Cheques”. To clarify:

  • Currency – Currency includes coin and bills.
  • Cheques – Cheques include personal cheques, certified cheques, money orders, traveler’s cheques, and bank drafts (i.e. excludes coins and bills)

Note: Only Canadian and US dollar deposits are accepted at the cashier’s office. Foreign cash other than USD must be converted to Canadian dollars at any bank before a deposit is made to the cashier.

Preparing Currency for Deposit

  • Bills and coin
    • A separate deposit report is required for each currency. Therefore, segregate into like currencies, e.g. Canadian dollars, US dollars.
    • Reminder: US coins should be treated as Canadian currency.
  • Bills
    • Place bills in order with the lowest denomination on the top and the highest denomination on the bottom.
    • Bundle bills in same denominations of 50 bills and secure with one elastic band, where applicable.
    • Pair two bundles of 50 bills of same denomination by placing them back to back with an elastic band around each end of the pair.
  • Coin
    • Roll coin whenever possible. Coin rollers * contain the following:

40 x $0.05 = $ 2.00
50 x $0.10 = $ 5.00
40 x $0.25 = $10.00
25 x $1.00 = $25.00
25 x $2.00 = $50.00

  • Include One Dollar and Two Dollar coins with the coin amount. Count the coin before rolling it. Rolls must be accurate.
  • Any large amounts of loose coin which do not make a complete roll should be separated by denomination into envelopes with the amounts listed on the front.
  • Reminder – Since rolled coin is very heavy, it should be deposited regularly in amounts of less than $200.00.

*  coin rollers are available at no charge from any CIBC branch or from Financial Services.

 

Preparing Cheques for Deposit

Where feasible the University departmental account number(s) to which the cheque will be credited should be entered on the back of the cheque. This expedites tracing the cheque back to the processing department should there be any problems with cheque clearing, e.g. NSF situations.

Preparing the Deposit Form

 

Form

This procedure relates to the Internal Cash Receipt Deposit Form used for depositing cash with the Cashier, Financial Services Department.

Departments which make direct deposits to the bank may prescribe different procedures, and will use different forms. These are discussed further in the Direct Deposits section.

Reminder: Only Canadian and US dollar deposits are accepted at the cashier’s office.

Foreign Cash

Foreign cash other than USD must be converted to Canadian dollars at any bank before a deposit is made to the cashier.

Foreign currency cheques

Please note that all foreign currency cheques other than US dollars must be forwarded to:

Banking Clerk
Financial Services Department
215 Huron Street, 2 nd Floor
Telephone: 416-978-2146

Do not include these cheques with any deposit made at the Cashier’s Office. These cheques are sent to the bank for collection. Once the cheque clears collection, the Banking Clerk will process the entry in FIS to the accounts provided by the Department.

If the preparer of the form is not also the delegated approver, the form must also be signed by the authorized approver.

Delivering to the Cashier

 

These instructions relate to requirements of the Cashier, Financial Services Department. Departments which make direct deposits may prescribe different delivery procedures. This is discussed further in the section Direct Deposits.

Reminder
At least one deposit form (both copies) must be included with each delivery, as well as a return envelop (a stamped copy of the deposit form will be returned to the department).

Cashier Location

Financial Services Department
215 Huron Street, 2nd Floor
Toronto, Ontario M5S 1A2
Telephone: 416-978-2144

Cashier Office
There is no personal counter service at the Cashier’s Office.
Drop-off delivery bags and a drop box are provided at the counter during business hours 8:45 a.m. to 5:00 p.m. weekdays.

Currency
All currency, i.e. coin and bills, must be delivered to the Cashier’s Office in person. Cash should not be sent through inter-office mail. If currency is included in the deposit, please use the plastic, sealable bags provided at the front counter and record your departmental information and the bag number in the log book located beside the drop box.

Cheques
Cheques may be sent through campus mail or delivered to the drop box at the Cashier’s counter during normal University business hours: 8:45 a.m. – 5:00 p.m

Verifying the Accounting Records

 

The procedures described throughout the Cash, Other Receipts & Banking sections (including this section) are designed in accordance with the principles of financial control to protect assets which by their nature may be described as high risk assets. These procedures do not end with deposit of the funds with the Cashier.

Statement of Account

The final step in ensuring that cash assets are safely deposited and accurately recorded in the accounting record. This final step is an important one in the financial control over cash and must not be overlooked or delayed. Timeliness is critical.

For information on FIS reports to use to facilitate this important final step, please contact your F.A.S.T. Team Representative.

 

Last revision July 2012