Trust Funds

…the delegated responsibilities are being effectively discharged. Transfer of Funds, Internal Revenues and Expense Recoveries Transfer of funds is the movement of funds from one account to another. Internal revenues…

Accounts Receivable, Collection Responsibilities and Uncollected Amounts

…for external customers. Refer to the section Internal Revenues and Internal Expense Recoveries for processing charges to internal customers. If you are uncertain as to whether a customer is external…

Travel and Other Reimbursable Expenses – Policies and Guidelines

…that policy, reimbursement of the excess amount may be disallowed. An explanation must accompany the claim. 2. Payments to Individuals for Services Payments to: a Canadian resident under the Income…

Petty Cash

…deductions in respect to the payment, e.g. tax, Canada Pension Plan (CPP) payments, Employment Insurance (EI) payments remitting the University cost of CPP and EI. Where the University fails to…

FIS Accounts – Establishing Changing and Deactivating

…Internal orders New internal orders could be required to track revenues and expenditures for an activity with a limited timeframe. To discuss the need for an internal order, contact your…

Courses & Workshop Material

…Overview of types of master data in Funds Management and Controlling Overview of Funds Management and Controlling hierarchies including Commitment Items, Cost Elements, Funds Centers, Cost Centers and Internal Orders….

Purchase Order Invoices

…Bank Account for purchases up to $500 Note: Any internal University of Toronto-related purchases will be processed via the internal revenue and expense recovery transaction in FIS by the buying…

Updates and Changes to the Guide to Financial Management

…records.   August 14, 2024 [Ref. 2024-2] Effective August 14 2024, the Guide to Financial Management includes guidelines for making payments to Indigenous payees. These guidelines are intended as a…

Payroll and the HST

…on the HST and Contact Information   Payments Not Subject to HST employment income salaries wages overtime payments stipends bonuses scholarships, fellowships and bursaries   Payments Subject to HST Individuals…

Prepayments

…following sub-sections address the financial objectives and the accounting treatment for prepayments: Financial Objectives Acceptable Payment Terms Payments to Hospitals or Other Institutions to Recover Expenses Accounting for Prepayments  …