Budget Reconciliation

Reconciliations of all Student Affairs accounts are required to maintain the integrity of the University’s accounting records and to protect the interests of the University. Reconciliations are essential for an effective internal control environment so that:

  • The information is transmitted to, contained in, and reported from the University’s financial systems is accurate, complete and recorded in a timely manner;
  • The information can be relied upon for making financial and administrative decisions; and
  • Irregularities are quickly detected and reported to the appropriate authorities.

Departments are responsible for reconciling their accounts at least once per month by the 15th calendar day of the month for the previous month’s activity.  Both the preparer and the approver must certify that all charges to the accounts are appropriate, necessary, and supported by documentation filed in the department.  Any discrepancies must be documented, including a timeframe for expected resolution.The timely review of transactions and reconciliation of all departmental accounts is critical to maintaining the integrity of the University’s accounting records.  Departments must maintain files that are sufficient to support the accuracy and completeness of data entered into the financial modules of the University’s accounting systems.

The University system of record is PeopleSoft Financials and must be used for reconciling departmental accounts.  Monthly financial activity reports, “Q-drive reports”, are provided to facilitate reconciling departmental to University records.

Procedure:

1.       Gather and review the following documentation:

  • Prior month activity reports with any notations for corrections, etc.
  • Departmental records related to expenses, deposits, or transfers
    • All expenditures greater than $500 must be documented with a copy of the invoice
    •  All income must be documented with a copy of the deposit slip and check(s), if appropriate
    •  All journal entries must be documented with proper approvals under Student Affairs JE policy
  • All departmental Q-drive reports

2.       The reviewer should verify that all detail transactions appearing on the Q-drive report are appropriate, accurate, and supported by proper documentation.  The reviewer is responsible for following up on any transactions that remain outstanding for more than one accounting period. 

3.       Once the review is complete, the reports and supporting documentation should be filed and records maintained in accordance with University policy.  The Student Affairs Financial Officer will review the documentation and certify its completeness.

After the reconciliation is done and supporting documentation for and all expenses in excess of $500 properly filed, the Certification for Financial Statements should be signed by the respective persons and a copy retained by the department. Click here to access the Certification for Financial Statement.