Deposits to the Cashier’s subordinate account(s)

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. 

Departments can use their own subordinate bank account for these deposits, referred to as “Direct Deposits” or, if a departmental subordinate account is not used, departments can deposit to the Cashier’s subordinate account(s). The Cashier’s subordinate account(s) are accounts maintained and reconciled by the Cashier’s Office for use by departments in the University that do not benefit from a departmental subordinate account.

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 bank deposit slip
• Prepare the deposit report
• Prepare journal entry to record the transaction in FIS
• Deliver the cash and deposit slip to a CIBC branch
• Submit the deposit receipt and deposit report to the Cashier’s office
• Verify deposit and accounting entries

Cashier’s Responsibilities:

• Verify and confirm deposit
• Process clearing entry

 

This procedure relates to requirements of deposits to the Cashier’s subordinate account(s).

Departments which make direct deposits to departmental subordinate accounts 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 to the Cashier’s subordinate account(s). Foreign cash other than USD must be converted to Canadian dollars at any bank before a deposit is made to the Cashier’s subordinate account(s).

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

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

 

Preparing Cheques for Deposit

All cheques must be restrictively endorsed.  Stamp or write on the back of each cheque:

For Deposit Only Governing Council of the University of Toronto

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.

 

Form

This procedure relates to the Cashier’s Account – Direct Bank Deposit form used for depositing cash to the Cashier’s subordinate account(s), Financial Services Department.

Departments which make direct deposits to department subordinate account(s) 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 to the Cashier’s subordinate account(s).

Foreign Cash

Foreign cash other than USD must be converted to Canadian dollars at any bank before a deposit is made to the Cashier’s subordinate account(s).

Foreign currency cheques

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

Banking Clerk
Financial Services Department
150 College Street, 3rd Floor  Room 350

Do not include these cheques with any deposit made to the Cashier’s subordinate account(s). 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.

 

This procedure relates to requirements of deposits to the Cashier’s subordinate account(s). Departments which make deposits to departmental subordinate account(s) may prescribe different delivery procedures. This is discussed further in the section Direct Deposits.

Deposits should be delivered to the branch in a secure manner the sooner of weekly or when cash receipts total $500.

A deposit receipt must be obtained at the depositing CIBC branch as proof of your deposit to the Cashier’s subordinate account(s).

The deposit slip and an approved Cashier’s Account deposit form must be provided to the Cashier to validate and clear the deposit transaction.

Cashier Contact

Financial Services Department
150 College Street, 3rd Floor  Room 350
Toronto, Ontario M5S 3E2

There is no personal counter service at the Cashier’s Office.

Currency
All currency, i.e. coin and bills, must be deposited to a CIBC branch. Cash should not be sent through inter-office mail and will not be accepted by the Cashier’s Office.

Cheques
All Cheques must be deposited to a CIBC branch.  Cheques should not be sent through inter-office mail and will not be accepted by the Cashier’s office.

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.

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.