Departmental Bookkeeping: Difference between revisions

Latest revision as of 14:16, 23 September 2024

Policy 501.7

1. Introduction

The purpose of this policy is to provide administrative direction and to implement a formal process for Appalachian State University (“Appalachian”) for reconciling department funds.

2. Scope

The policy applies to any employee who has been designated as a financial manager, reconciler or approver involved in the monthly department fund reconciliation process.

3. Definitions

4. Policy and Procedure Statements

Departmental Monthly Reconciliation

4.1.1 In January 2009, The University of North Carolina (UNC) General Administration began the UNC Finance Improvement and Transformation Initiative (UNC-FIT). The UNC-FIT task force was given the assignment of strengthening internal accounting controls and aligning processes and technology among the UNC constituent institutions. As a result, Appalachian State University and other UNC System institutions were required to implement a formal process for reconciling all departmental funds.

4.1.2 As such, any employee who has been designated as the financial manager of a departmental fund must identify both a reconciler and approver who will be responsible for completing the monthly department fund reconciliation process. An employee may not reconcile and approve the monthly fund reconciliation, however, the financial manager may also serve as the approver.

The reconciler must complete the following activities by the last day of the month for February and by the 30th of each month for all other months: (1) Review monthly financial reports in detail; (2) complete the electronic Departmental Fund Activity Reconciliation form (accessed via Self-Service Banner) and submit the form to the designated approver; (3) retain any backup documentation associated with the monthly reconciliation(s) in the event that University or State Auditor(s) need to review the funds' financial transactions. A listing of reports to aid in the reconciliation entitled, "The Right Report for the Job", can also be found on the Budget Office website.

The designated approver must review and approve the Departmental Fund Activity Reconciliation form in Self-Service Banner by the 15th of the following month.

5. Additional References

Departmental Fund Activity Reconciliation Form

The Right Report for the Job

6. Authority

7. Administrative Unit Contact

University Budget Office
https://finops.appstate.edu/budgetoffice
828-262-2030

History

Issued:

Revised:
November 5, 2021
September 16,2024

@@ Line 1: / Line 1: @@
-:[[Business Operations|500 Business Operations]]
+Policy 501.7
-::501 Accounting
-::501.8 Departmental Bookkeeping
-== Introduction ==
+== 1. Introduction ==
-== Scope ==
+The purpose of this policy is to provide administrative direction and to implement a formal process for Appalachian State University (“Appalachian”) for reconciling department funds.
+== 2. Scope ==
-== Definitions  ==
+The policy applies to any employee who has been designated as a financial manager, reconciler or approver involved in the monthly department fund reconciliation process.
-=== Definition phrase or word ===
+== 3. Definitions  ==
-: Definition summary
+== 4. Policy and Procedure Statements  ==
-== Policy and Procedure Statements  ==
+=== Departmental Monthly Reconciliation ===
+.1.1 In January 2009, The University of North Carolina (UNC) General Administration began the UNC Finance Improvement and Transformation Initiative (UNC-FIT). The UNC-FIT task force was given the assignment of strengthening internal accounting controls and aligning processes and technology among the UNC constituent institutions. As a result, Appalachian State University and other UNC System institutions were required to implement a formal process for reconciling all departmental funds.
-'''Departmental Monthly Reconciliation'''
+.1.2 As such, any employee who has been designated as the financial manager of a departmental fund must identify both a reconciler and approver who will be responsible for completing the monthly department fund reconciliation process.  An employee may not reconcile and approve the monthly fund reconciliation, however, the financial manager may also serve as the approver.
-In January 2009, The University of North Carolina (UNC) General Administration began the UNC Finance Improvement and Transformation Initiative (UNC-FIT). The UNC-FIT task force was given the assignment of strenthening internal accounting controls in the UNC constituent institutions and aligning UNC employees, processes and technology throughout the multi-campus University system. The goal is to develop and implement data management standards and processes to promote improved data integrity and explore centralization of various financial operations.
+The reconciler must complete the following activities by the last day of the month for February and by the 30th of each month for all other months: (1) Review monthly financial reports in detail; (2) complete the electronic Departmental Fund Activity Reconciliation form (accessed via [https://bannerweb.appstate.edu Self-Service Banner]) and submit the form to the designated approver; (3) retain any backup documentation associated with the monthly reconciliation(s) in the event that University or State Auditor(s) need to review the funds' financial transactions. A listing of reports to aid in the reconciliation entitled, [https://businessaffairs.appstate.edu/sites/businessaffairs.appstate.edu/files/rightreport.pdf "The Right Report for the Job"], can also be found on the Budget  Office website.
-The UNC-FIT is requiring Appalachian State University and other constituent institutions to implement a formal process of reconciling all departmental, grant and other budgets. Therefore, '''effective July 1, 2010''', those responsible for managing '''all''' fund types of university resources (department heads or their designees, principal investigators, etc...) '''must complete the following activities each month''': (1) Review monthly financial reports in detail; (2) complete the university Controller's Office Departmental Fund Activity Reconciliation Form and print a copy (this form is found at http://www.appleap.appstate.edu/finance_over.html); (3) sign the copy; (4) obtain the supervisor's approving signature; and (5) retain a file with the approved monthly reconciliation(s) in the event the university or State Auditor(s) need to review the funds' financial transactions. A listing of 3-print reports to aid in the reconciliation entitled, "E-Print - The Right Report for the Job", can also be found at http://www.appleap.appstate.edu/finance_over.html.
+The designated approver must review and approve the Departmental Fund Activity Reconciliation form in Self-Service Banner by the 15th of the following month.
-A reminder regarding the reconciliation and the over-budget notice will be sent from the university Budget Office each month. The new procedure will be addressed at the monthly Banner Finance Training (on the third Tuesday) and twice per month (third Thursday and the last Friday) at the Departmental and Research Administrators group (DRA). Training will be provided if needed.
+== 5. Additional References ==
+:[https://bannerweb.appstate.edu Departmental Fund Activity Reconciliation Form]
+:[https://businessaffairs.appstate.edu/sites/businessaffairs.appstate.edu/files/rightreport.pdf The Right Report for the Job]
-'''Reconciliation and Over Budget Memoranda'''
+== 6. Authority ==
-Those responsible for managing all fund types of university resources (ie. deparment heads or their designees, principal investigators,etc...) must complete the following activities each month: (1) review monthly financial reports in detail; (2) complete the university Controller's Office Departmental Fund Activity Reconciliation Form and print a copy. This form is found at http://www.appleap.appstate.edu/finance_over.html; (3) sign the copy of the form; (4) obtain the supervisor's approving signature; and (5) retain a file with the approved monthly reconciliation(s) in the event the university or State Auditor(s) need to review the funds' financial transactions. A listing of e-print reports to aid in the reconciliation entitled, "E-Print - The Right Report for the Job", can also be found at http://www.appleap.appstate.edu/finance_over.html.
+== 7. Administrative Unit Contact ==
+University Budget Office<br>
+[https://finops.appstate.edu/budgetoffice https://finops.appstate.edu/budgetoffice]<br>
+-262-2030
-Over budget memoranda for State Funds have been placed in E-Print with the report name fzrabudget-notice. Personnel shall access the report, view the over budget items and process any necessary budget transfers via the Banner Finance Self-Service module or Request for Budget Revision Form. If the fund has all positive account balances, no over budget memo will be found. Any person with E-Print and fund security may access a particular fund to view the over budget memoranda.
+== History ==
+Issued:
-'''Reminders'''
+Revised:<br>
+November 5, 2021<br>
+September 16,2024
-*All budget entries must be processed with even dollar amounts (no cents);
+[[Category:Contents]]
-*The budget period on the Banner Self-Service entry should always be 01 (regardless of the fiscal month);
+[[Category:Business Operations]]
-*The report has not been programmed to include encumbrances (since that total could change because of shipping, taxes, etc...). Estimate the total and include the item in the budget transfers to properly align departmental funds; and
+[[Category:Accounting]]
-*In order to be posted to the Banner Finance System before the month is closed, the approved request(s) for budget revision(s) must be in the university Budget Office by the third working day from the current month-end.
-== Additional References ==
-== Authority ==
-== Contact Information ==
-== Effective Date ==
-== Revision Dates ==