Source Documents and the Audit Trail

…by the individual receiving the goods. If not done on-line, a goods receipt document must be completed and forwarded to the individual processing the invoice. Internal cash receipt The internal…

Budgeting

…the annual award varies widely across accounts, a maximum tolerance of $10,000 has been provided to each fund to facilitate payments to students when donations are received after payments are…

Moving Expenses

…the payment as required under the Income Tax Act as these payments are generally considered taxable benefits to the employee. These payments would include non-accountable allowances (see below) and ineligible…

Managing the Fund Groups Used at UofT

…(see section on internal revenues and expense recoveries) Long term: Self-funded revenue generating activities (internal/external invoice) Funding “contributions” from other fund groups (interfund transfers) Ancillary Operations The ancillary operation accounts…

Cash Float Accounts

…Increase Complete the Cash Float Form and submit along with a completed Cheque Request Form to the Financial Services Department, as above. Decrease Complete an Internal Cash Receipts Deposit Form…

External Revenues and External Expense Recoveries

…activity (i.e. cash, A/R) and revenue or expense accounts. If the transaction being considered does not meet the criteria for an “external” revenue/recovery transaction, refer to the section Internal Revenues…

Fiscal Year-end Closing Procedures

…to insufficient funds, while external parties continue to receive payments or credits. An example would be rejects for student award payments processed through ROSI/FICA. Students receive credits in their accounts,…

Budget Preparation and Project Managing in Foreign Currency

…rendered in Canada. Therefore, payments to non-residents providing services in Canada must be made through the Payroll Department. Payments to non-residents providing service outside Canada should be made through departmental…

Accountable Advances

…advance settlement Most Payments to Individuals Except for the reimbursement of expenses, payments to an individual (for services performed) who is: a Canadian resident under the Income Tax Act even…

HR Payroll and Benefits Overview

…vs Contractor / Taxation of Payments This page covers the process involved in determining whether an individual should be considered an employee or an independent contractor, and the associated implications….