UBC departments and retail entities (“Departments”) that transact with the general public, such as the UBC Bookstore and food services, frequently deal in cash and often employ cash floats, which refers to the amount of cash placed in their cash registers at the beginning of a shift or workday.
Cash floats allow cashiers to make the change for customers early in the day or shift before a sufficient number of cash sales accrue to make the change from the day’s sales. In UBC, we use the terms “Change floats” and “Cash floats” interchangeably.
A Coinage Account in UBC is a bank account at HSBC that is required to exchange cash notes and coins to and from “Change Floats” by means of an INTRIA cash order service.
Steps of Establishing A New Cash Float
- Department sets up an INTRIA account and a Coinage Account by contacting Otto Wong at Treasury and specifies the purpose of the change float. Once the request is reviewed and approved, the department or retail entity will be notified through HSBC and/or Treasury
- Treasury will submit the request to Financial Operations to set up the Department Coinage Account as a supplier to be paid by EFT.
- Financial Operations sets up the activated Coinage Account as a supplier through the Supplier Module in Workday, adds the department or retail entity to the Brinks contract and including the Cost Centre that Brinks charges should be debited to
- Treasury prepares the fund transfer in Workday to the Coinage account which will establish the new cash float, using Workday’s Ad Hoc Payment function; refer to the "how-to" resource in the Self-Service Knowledge Base: Set up Cash Float.
- Department places Coinage Order to INTRIA to withdraw from the Coinage Account and delivers the float to the retail business’ physical location; (see below)
- Department is responsible for reconciling its own Coinage Account, monitored by Treasury.
Steps of Increasing the Cash Float
- Department contacts Otto Wong at Treasury and specifies the purpose of increasing the Cash Float;
- Once it’s approved, Treasury prepares the fund transfer in Workday to the Coinage account, using Workday’s Ad Hoc Payment function; refer to the "how-to" resource in the Self-Service Knowledge Base: Set up Cash Float.
- Department places Coinage Order to INTRIA;
- Department is responsible for reconciling its own coinage account, monitored by Treasury
Steps of Decreasing or Closing the Cash Float
- Department deposits cash to UBC’s bank account using the ‘Record Cash Sale’ task in Workday by selecting the ‘Cash Float’ revenue category and adding the Coinage Account Supplier Worktag for the Coinage Account under ‘Additional Worktags’.
- Department with decreased Cash Float is still responsible for reconciling its own coinage account, monitored by Treasury
Steps of Placing Coinage Order to INTRIA
- A Coinage Account must never be in an overdraft position. Also, the department must ensure the balance is always close to zero. Depositing to a Coinage Account must precede a withdrawal of coin
- Authorized individuals in the HSBC customer profiles from the department place a Coinage Order to INTRIA Operations, by sending a request together with the order template Coinage Order Form to the e-mail address: email@example.com. INTRIA Operations requires 24 hours notification.
- Brinks delivers to the designated address, and the respective Coinage Account is debited.
Depositing to a Coinage Account to make coin
- Department deposits its own fund from cash floats unless it is related to setting up a new Cash Float.
- New coinage deposit forms can be ordered through HSBC. Photocopied coinage deposit forms are acceptable by HSBC.
Reconciling a Coinage Account
- Each department is responsible for reconciling its own coinage account bank statement transactions against the transactions ordered during the month.
- HSBC will provide the department with a monthly bank statement to complete the reconciliation process.
- The month-end bank balance should be zero.