Random variates play key role in any simulation system and there are different algorithms to generate random variates. One of the best algorithms for generating random variates is uniform fractional part algorithm. The algorithm has high performance in terms of efficiency, speed and simplicity. Although the algorithm has useful results, it is an approximate algorithm. In this article, the approximate form of the algorithm has been studied, and some suggestions have also been presented. Through acceptance-rejection approach and hat and squeeze function, the approximate algorithm is transformed to near exact algorithm. The proposed model of this paper has been examined and compared with the traditional one and the preliminary results indicate that it performs better than the other existing algorithms.