Departments are responsible for adequate security and control of their cash float funds. The cash float should be secured at all times in a locked place. Because no insurance is available to cover losses from the fund, theft and any other losses of cash float are the responsibility of the department/college.
Cash float should only be used in the event of exchanging change to someone paying with cash. Cash float should never be used to pay for goods or services.
When recording revenue, it is important to keep records of what goes out. At the end of the day, ensure that sale records match what cash you have in addition to the cash float. The additional cash with be sent to Finance as revenue using a transmittal of funds.