- Be aware of what funds and projects are assigned to the department
- Review financial transactions credited and charged to department’s funds and projects
- Become familiar with elements of the Oracle/PeopleSoft chart of accounts (described below)
- Coding financial transactions as accurately as possible and using the Oracle/PeopleSoft systems to monitor funds and projects
- Establish procedures to ensure a proper matching of expenses to the related revenues in funds and projects
- Monitor general ledger funds and projects assigned to departments as follows
- Local Fund
- monitor balance sheet accounts for accuracy or reasonableness, and awareness of resources available and for planning purposes
- Maintain funds so that assets meet or exceed liabilities (avoid deficit net asset balances)
- monitor financial activity (revenue and expense accounts) for accuracy or reasonableness, and awareness and planning
- Appropriation Funds
- monitor financial activity (revenue and expense accounts) for accuracy or reasonableness, and for awareness and planning
- Certain Agriculture departments using project numbers need to also monitor balance sheet accounts
- Make sure expenses do not exceed budgets
- Grant Funds
- monitor financial activity (revenue and expense accounts) for accuracy or reasonableness, and awareness and planning
- Monitor funds on a regular and timely basis so if errors exist they can be more easily corrected
- Use the information in General Ledger to be aware of department’s available resources and as a tool for using resources for maximum effectiveness
Finance and Administration Departments
