Last updated: November 6, 2023
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.
All Change Floats require an associated Coinage Account. 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.
The dedicated ledger account for Change Floats is 1070 Cash Float.
Steps of Establishing A New Cash Float
- Department sets up an INTRIA account and a Coinage Account by contacting Treasury Cash and specifies the purpose of the change float. Once the request is reviewed and approved, the department or retail entity will be notified through Treasury;
- Treasury will submit the request to Financial Operations to set up the Department Coinage Bank Account as a supplier to be paid by EFT.
- Financial Operations sets up the activated Coinage Bank Account as a supplier through the Supplier Module in Workday, and adds the department or retail entity to the Brinks contract, including the Cost Centre that Brinks should charge;
- Treasury prepares the fund transfer in Workday to the Coinage Bank Account which will establish the new cash float, using Workday’s Ad Hoc Payment function; rreview the Set up Cash Float article in the Workday Knowledge Base.
- Department places Coinage Order to INTRIA to withdraw from the Coinage Bank Account and deliver the float to the retail business’ physical location; (see below)
- Department is responsible for reconciling its own Coinage Bank Account, monitored by Treasury.
Steps of Increasing the Cash Float
- Department contacts Treasury Cash 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; review the Set up Cash Float in the Workday Knowledge Base.
- 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’; review the Record Cash Sales or Decreasing Cash Float or Closing Cash Float article in the Workday Knowledge Base.
- Department with decreased Cash Float is still responsible for reconciling its own coinage account, monitored by Treasury
Steps of Placing Coinage Order to RBC Cash Centre
- 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 from the department place a Coinage Order to RBC Cash Centre, by sending a request through the RBC web portal. RBC Cash Centre 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 Bank Account statements 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.