FAS Journal Entry Best Practices October 25 2018 Journal Entry Best Practices Highlights TubsSchools and Central Units must perform a monthly review of all journal entries gt100K and related documentation to validate that the backup is adequate sufficient and supports the transaction ID: 1028706
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1. Journal Best PracticesOctober 25, 2018
2. FAS Journal Entry Best PracticesOctober 25, 2018
3. Journal Entry Best Practices: HighlightsTubs/Schools and Central Units must perform a monthly review of all journal entries >=$100K and related documentation to validate that the backup is adequate, sufficient and supports the transaction.All Journals should meet the following criteriaRe-performance StandardComplete and Accurate Reasonable AppropriateTimelyPreparation and approval of journals must be done by different individuals, with different levels of seniority.Going forward, FAS Finance will reach out with monthly audit selections.
4. Tub/Department Procedures
5. Documentation & Record RetentionDocumentationExplains the rationale and substantiates the amount Enable a reviewer to recreate the journal and understand its purposeExamples;Transactions Listings (preferably in TLX Format)System generated reportsSpreadsheets with supporting calculationsEmailsThird party reportsRecord RetentionNon-Sponsored documentation must be kept readily available on file for audit, either electronically or hardcopy, for four fiscal years. Sponsored documentation should be retained for a minimum of seven years after the project end date or as determined by the awarding sponsor. Record retention University Guidelines can be found at https://grs.harvard.edu.
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