Controller’s Office/Quality Assurance Kim Coates

Transcript:Controller’s Office/Quality Assurance Kim Coates:
Controller’s Office/Quality Assurance Kim Coates General Ledger Reconciliation Course Topics Ledger Reconciliation Objective Types of Funds Printing Financials OMNI Reports OBI Reports Source Documents Omni Financials Queries Hummingbird Corrections Ledger Reconciliation Objective Verifies the accuracy of the general ledger Ensures sound financial management of University resources Provides management, auditors, and other users with reliable financial information Annual Report Bond Ratings Internal Control provides assurance to auditors that our financial statements are fairly stated Results in a favorable Auditor’s Opinion Reconciliation Guidelines 2007 – 2008 Controller’s Memoranda #02 Ledger Reconciliation Guidelines – May 14, 2008 Controller’s website http://control.vpfa.fsu.edu/memos.html Budget Manager or designee is responsible for performing the monthly reconciliation(s). Reconciliation should be performed by someone that does not originate or authorize the financial transactions Reconciliation Guidelines Designated file for source documents needed for an accounting period until the ledgers have been reconciled e.g. purchase orders, invoices, deposit receipts May use Excel spreadsheet for depts. with a large volume of transactions Obtain departmental ledger reports Trace detailed transaction ledger information to supporting documentation Reconciliation Guidelines In reviewing each of the transactions, the following items should be verified: Dollar amount is correct Account code charged is correct Dept ID and Fund code charged are correct Expenditure is allowable according to FSU Policies and Procedures – (Expenditure Guidelines) http://control.vpfa.fsu.edu/payables.html Write your initials and the Journal ID number and date at the top of each source document The reconciliation process will identify errors and missing items. Reconciliation Guidelines Make correcting journal entries Any reconciling items should be noted on the Ledger Reconciliation Certification and/or the Ledger Reconciliation Correction Record Reviewed by a Supervisor/Asst Director Complete Ledger Reconciliation Certification Should be completed by the end of the following month, and reviewed and signed off on by the end of the second succeeding month Resolve reconciling items as soon as possible, but no later than the third succeeding month Types of Funds The Legislature appropriates money to FSU based on enrollment. Spending is limited to the budget Examples: Controller’s Office, Academic depts. Current Year Funds (110, 210, etc) Carryforward Funds (140,240, etc.) Self-sufficient business entities that provide a service to the campus and others for a fee. Examples: Bookstore, Computer Store, Printing and Mailing Services Spending is limited to cash Auxiliary Funds - (300’s/700’s) Locals: Student Activities – (610) Vending – (620) Athletics – (630) E & G Auxiliary & Locals OMNI Monthly Financial Reports Official University