Departmental Bookkeeping

Policy 501.8

Policy and Procedure Statements

Departmental Monthly Reconciliation

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 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.

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.

Reconciliation and Over Budget Memoranda

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.

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.

Reminders

1. All budget entries must be processed with even dollar amounts (no cents);
2. The budget period on the Banner Self-Service entry should always be 01 (regardless of the fiscal month);
3. 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
4. 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.