Why we use it

Float is a Canadian company that allows us to issue physical and/or virtual credit cards to each person on the team. The credit cards are tied to an App which lets us easily collect receipts and details as transactions occur. This provides our accountants with accurate information, which leads to accurate reporting, so we can have a true sense of our financial situation at any given moment.

How we use it

Each person should receive a credit card. These have a monthly limit, which can be temporarily (or permenantly) increased quickly and easily using the web interface or app. These can be used for any SENS-related transactions, such as program supplies, reservation/permit, or lunch for the team.

App

The real magic of Float is the iOS app and web app. This is where we can issue physical cards and/or virtual cards (more on that later), increase limits, attach receipts and details to transactions, and much more. You can download the app from this website and sign in to get it set up. After that, just use your credit card as you would a normal credit card. Whenever you process a transaction, the app will send you a notification inviting you to take a photo of the receipt and add some details for our accountants.

You should have received an email inviting you to create your Float account and verify your identity (a requirement in the banking world).

You can learn more about the Float app here: https://help.floatcard.com/hc/en-us/articles/21548635242900-Float-Mobile-App-FAQ 

PIN

You can see the PIN of your Float card within the mobile App. You can reset your PIN using the Float web interface.

Transaction Details

There’s 4 required pieces of information required for each transaction.

1. Receipt

2. Description

3. General Ledger (GL) Code

4. Tax Code

Let’s say you’ve bought some supplies for a program.

1. You upload a photo of the receipt

2. You write in a description like Supplies for delta monthly

3. You select the Program Supplies GL Code, because that’s the best fit

4. You select the GST+PST tax code, since that's what was charged on the receipt

GL Codes

You’re probably asking “how do I know which GL Code and Tax Code to use?”, fair question indeed. Truth be told, this will likely be confusing at the beginning but you’ll quickly realize it’s not rocket science. The GL Codes is a list of buckets we use to categorize transactions. This way, if anyone ever wants to know how much we spent on a particular bucket, say Software & Subscriptions, it’s easy to find out. My best advice it to pick the GL Code that makes the most sense to you. Don’t worry, it’s not permanent and our accountant might choose to change it after if they think you made a mistake. No big deal.

Some common GL Codes are:

• Program Supplies — Anything needed to deliver a program

• Team Events — Who’s booking the next one?

• Meals & Entertainment — If you’re buying lunch or a buying coffees, for yourself and (maybe) someone else

• Software & Subscriptions — Twist, Google, Amilia — you get the gist.

• Professional Development — Classes, Courses, Pro-D, Event Tickets, etc.

• Travel, parking, transit — Transit, Taxi’s, Parking, etc.

Tax Codes

For Meals & Entertainment, the Tax Code is always M&E. For all other transactions, the tax code is whatever is on the receipt. So if the reciept only lists GST, then the Tax Code is GST. If the receipt lists GST and PST, then the Tax Code is GST/PST. In the rare case that you’ve bought something that is not taxed, then the Tax Code is Exempt.

Missing Receipts?

If a receipt is lost or is not provided, there’s a way to mark it as such in Float. How can be found here: I Don't Have my Receipt. What Do I Do? 

That said, it’s important to understand why receipts are collected in the first place. The Canadian Revenue Agency (CRA) can choose to audit SENS at any time and they could request our financial data up to 7 years in the past. If they request a copy of a receipt for any transaction, we’re expected to provide it. If we don’t, the CRA can invalidate that transaction — recaculating the tax we owed that year and charging interest on any unpaid amount. Long story short, we should do our best to collect receipts but the risk is proportionate to the transaction’s amount.

Virtual Cards

Virtual cards are credit cards without the physical card. They can be created immediately and are great when a physical card isn’t required.

Apple Pay

Both physical and virtual Float cards can been added to your Apple Wallet for Apple Pay. The details and instructions can be found here: Adding Float cards to Mobile Wallets 📲

Email Receipts

Float gives each person a unique email address you can used to forward email receipts right into Float. Using OCR, they’ll try to match a receipt to a transaction automatically. It’s possible to manually match or unmatch receipts within the transaction itself, or the Receipts menu.

You can also utilize Gmail Filters to auto-forward email receipts if you’re receiving the same receipts often.

Receipt Forwarding with Float.

Reimbursements

On the off chance you end up paying for something using your personal card, Float gives you an easy way to be reimbursed! While it’s possible to do on the iOS app, you might find the workflow on the web app easier.

Setup

Before you can be reimbursed, you need to give Float your bank account details. This only needs to happen once.

1. Login to the Float web app

2. In the top right corner, click on your Profile and click Profile

3. Here you can either sign into your bank, or you can use a void cheque to Manually Connect your account

Request Reimbursement

Multiple expenses can be grouped into a single reimbursement request. Keep this in mind as you might benefit from submitting mutliple expenses all at once (unless you really like admin work). You can follow the steps to Create & Submit Reimbursements Requests here: Report Workflow 

Resources

https://floatcard.com/wp-content/uploads/2023/01/Spenders-and-Managers-Guide-May-2023-1.pdf