FIS Glossary

…a research Deficit was transferred into the Target FC, the FC would be in an overdraft state. Tax codeTax category that identifies the applicable tax rate. TextLine item specific explanatory…

HST

…territories*? e. Out of the country? a. Tax code ER for conferences attended in Ontario. b. Tax code EN for conferences attended in Prince Edward Island. c. Tax code EN…

Harmonized Sales Tax (HST)

…department should process the foreign vendor invoice using the ES tax code.   When HST Not Applicable Zero-rated Purchases The following are examples of purchases taxed at the rate of…

Tax Code Corrections

…an incorrect tax code: Original transaction containing the incorrect tax code: Journal Entry required to correct the tax code/amounts: Impact of the tax recalculations on the $1150.00 example above:  …

Monetary Donations

…as Donations As a charitable organization under the Income Tax Act, the University may issue official charitable donation receipts which the donor/taxpayer may use to claim a non-refundable tax credit….

Introduction to FIS

…use of various account codes, namely Funds Centers and Funds. FM account codes FM contains three main categories of account codes which represent the FM coding part of a transaction…

UTSC Business Officer – FIS Reference Page

…Policy on Various Tax Impacts (HR/Payroll, Purchases, Revenue/Recoveries) Tax Code Summary Table Picking the Correct Tax Code for Expense Reimbursements How do we handle the provincial sales tax for purchases…

Business Officer Resource Page – Financial Administration at the University

…Funds Center/Funds only get charged the after tax rebate amounts. Resources: GTFM Policy on Various Tax Impacts (HR/Payroll, Purchases, Revenue/Recoveries) Tax Code Summary Table Picking the Correct Tax Code for…

Gifts-in-Kind (Non-Monetary Donations)

…determine the ability and timing of a receipt being issued. Gifts-In-Kind NOT ELIGIBLE for tax receipt: The following Gifts-In-Kind do not qualify as charitable donations under the Income Tax Act:…

FAST Tips Newsletter

…SIMULATION – Fund Center Summary Report – Layout Use of E-Signature for internal financial documents Electronic Funds Transfer- EFT Phase 3 New Capital Accounting Tax Code August RECORDING of August…