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
Clearing accounts should be reconciled and cleared on a monthly basis
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
If a project becomes overspent, the department is liable for covering those overages through a local/non-grant fund
Monitor funds on a regular and timely basis so if errors exist they can be more easily corrected
Initiate necessary correcting transactions within 90 days of the original transaction, before the fiscal year-end deadline and/or before the end of the grant, whichever is earlier. Failure to make timely corrections to a grant may cause them to be out of compliance. Exceptions to the 90 day rule may be granted by the Grant & Contract Accounting Office or the Accounting Office when a correction is needed to stay in compliance with GAAP (Generally accepted accounting principles), federal or state regulations/policies, or grant awards. If the correction involves the cost, or a portion of the cost, being moved onto another grant, it must be allowable, allocable, reasonable and necessary for that grant, otherwise, it must be posted to a local/non-grant fund. It cannot be moved to another grant for convenience.
Use the information in General Ledger to be aware of department’s available resources and as a tool for using resources for maximum effectiveness
