Cash Management:
Information Session
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Agenda
Introduction
5 minutes
Topic 1: Why is the University Implementing the Cash and Billing
Policy?
5 minutes
Topic 2: Cash Management Procedures/Key Points
30 minutes
Topic 3: Questions/Comments?
10 minutes
Next Steps
10 minutes
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Logistics
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Participate
Ask questions
Turn off cell phones
Location of washrooms
Emergency procedures
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Session Objectives
 At the completion of this session, you will be able to
– Explain why the University is implementing the new Cash and Billing
Policy
– Explain the key points within the Cash Management procedures
– Manage and process cash payments effectively and efficiently
– Explain where to go for assistance and help on the policy and
procedures
Accounts Receivable Can Help You!
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Information Session Format
Presentation
Review/Questions
/Answers
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Why is the University implementing
a new Cash and Billing Policy?
 Auditor General’s Report
– Address potential fraud issues
– Provide clear guidelines and proper controls to
ensure employees are not placed in a harmful
position
 Decentralized processes
– Receipt of cash is managed in a variety of
ways
– Results in lack of internal controls
– Creates risk for employees handling cash
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Why is the University implementing
a new Cash and Billing Policy?
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Clarify accountability
Implement best practices
Improve internal controls
Ensure employees are equipped with
information to perform their job correctly
 Ensure the University is compliant with
legislation
 Create efficiency through standardization
of processes and procedures
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Topic 2: Cash Management Procedure:
Key Points
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Receipting
Cash Register Compliance
Float Management
Cheque Handling/Acceptance Guidelines
Currency (Acceptable and Not Acceptable)
Dishonoured Cheques
Deposit Frequency
Reconciliation Expectations
Refund
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Receipting
A receipt must be issued for every cash transaction
made on behalf of the University of Calgary
– Every Receipt Must Meet this Criteria:
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University of Calgary clearly imprinted on receipt
Uniquely Numbered Receipt
University’s GST # is clearly displayed
Amount, GST Amount and Total are Displayed
Transaction Date
Description of good/service
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Cash Register Compliance
The cash register must produce 2 summarized totals
for each batch close out: X-tape and Z-tape
– There are several cash registers that are not compliant and these must
be changed
• Contact Financial Services if you are uncertain whether the cash register is
compliant
• Follow existing Disposal procedures to remove the non-compliant cash
register: www.ucalgary.ca/scm
• New Cash Register Cost is Department/Faculty Dependant
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Float Management
A float can only be used to provide change for the
purpose of concluding currency transactions
– The float should remain at the requested amount as approved by
Financial Services
• If you need to change the float amount, please complete the Cash Float
Request Form
• Do not add/include funds from another source to the float
• The float is not a substitution for Petty Cash
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Cheque Handling/Acceptance Guidelines
The cheque is made payable to ‘University of Calgary”
– Cheques must include payable to “University of Calgary” or they will be
sent back to the department or faculty
– Accounts Receivable will not deposit this cheque
– Acceptable: Payable to: University of Calgary
– Acceptable: Payable to: University of Calgary - Dr. John Smith
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Cheque Handling
Departments and faculties are responsible for ensuring
the acceptability of each cheque
– Please ensure that the information is accurate and current:
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Valid Date, avoid Stale Dated cheques older than 6 months
Payable “University of Calgary”
Body and Figure Match
Cheque is Signed
Appropriate Currency
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Acceptable Currency
Forms of Acceptable Canadian Currency Cheques
– Canadian currency cheques (with or without micro-encoding) drawn on
a Canadian Bank
– Canadian currency cheques (with or without micro-encoding) drawn on
a foreign bank and negotiated through an affiliated Canadian bank with
a Canadian Address
– Collection Item:
• Canadian currency cheques (with or without micro-encoding) drawn on a
foreign bank must be sent for collection through the Treasury Unit of
Financial Services
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Acceptable Currency
Three forms of Acceptable Foreign Currency Cheques
– US currency cheques drawn on a US bank with micro-encoding
– US currency cheques drawn on a Canadian bank with micro-encoding
– US currency cheques drawn on a foreign bank and negotiated through
an affiliated US bank with micro-encoding
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Not Accepted
The following forms of payment are NOT accepted
 Travelers Cheques
 Money Order and Bank Drafts from any Foreign Bank
– This type of documentation is not considered legal tender
– Cashiers will not accept this type of payment
– AR will return these types of payments to the customer
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Incoming Wire Payments
 Banking Information
– Only AR are authorized to give out University banking information
– Against policy to forward University’s banking information to a
Department, Faculty or Customer
– Requests must be send to AR via Request for Banking Information
Form
 Form
– Accounts Receivable sends out form to customer which outlines all
information AR requires to accept and allocate payments
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Dishonoured Cheques
– NSF invoice payments will be reversed from the customer account and
a $25 service charge will be added
– If a payment is received for a previous NSF invoice payment it must be
sent to AR for proper processing
– If a payment is received for a previous NSF cash payment (that was
originally deposited at the Cashiers’ Office), it must be deposited at the
Cashiers’ office again and coded to the department’s bad debt account.
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Deposit Frequency
All departments and faculties must make their deposits
based on the following guideline
– $100.00 or more must be deposited within 2 business days of receipt
– $99.00 or less may be held for a maximum of 5 business days
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Deposit Over / Short
Cash differences in excess of $10 must be
accompanied by a Cash Over / Short Form
– Overages and shortages should also be recorded in Section E of the
deposit sheet
– The form is posted on the website
Example:
$200 Receipted
$175 Cash (Actual)
$25 Shortage
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Reconciliation Expectations
When the deposit is accepted by the Cashier’s Office,
the Cashier will issue a receipt that will indicate the
amount and date of the deposit. This receipt must be
retained by the depositing department.
– You must remain at the Cashier’s Office until the receipt has been
obtained
– This receipt is your proof of deposit and protection against Fraud
– This receipt must be used by a manager in your department to reconcile
the receipts and deposit slips to the amount deposited. This
reconciliation must happen at least weekly
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Refund
Method of Recording Refunds
– Please use the same method to refund the transaction that was used
for the original transaction
– In-person refunds require a refund slip
– Store refund books in a secure location
– Refund slips or supporting documentation should remain in the original
form therefore
– Please do not use white-out or alter in any manner
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Topic 3: Any Additional Questions?
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Next Steps
Consult the Cash Management Procedures Manual:
www.ucalgary.ca/financial
Controller’s Office > Accounts Receivable > Cash Management
and Billing
Consult the Appropriate Cash Management Forms:
Accounts Receivable > Forms
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www.ucalgary.ca/financial
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Where to go for Help
Accounts Receivable Help Desk
220-3129
Hours: 8:30 – 4:30*
*(Excluding 12:00 – 1:00)
Email: ar@ucalgary.ca
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Session Evaluation
 Please complete the session evaluation
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