Transcript Account Review

Financial Reports
Controller’s Meeting
May 18, 2007
Financial Report Responsibilities
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The proper use of these Financial Reports along with the General
Ledger is vital to Account Custodians and Supervisors in meeting their
fiscal stewardship responsibilities.
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Proper expenditures of funds
Compliance with record keeping requirements of the University
Keeping expenditures within the authorized budgetary limits
Generation of expected revenues, if applicable.
The Account Custodian should review Financial Reports each month.
The verification of each transaction in the General Ledger may be
assigned to another person. An electronic record will be kept of
each time a report is accessed on the internet and is subject to
monitoring by Financial Services and Auditors.
Financial Report Review
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It is much easier to find a problem when you are looking monthly rather than waiting
until the end of the year. Also look at bottom line.
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Begin in December doing a comprehensive review that continues through year end
closing in January. We email custodians as we work through year end processes to
review reports and when the closing will take place.
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We have a number of calls in February and March asking about issues in the prior year.
Even if there is a problem discovered it is too late to do anything about them in the prior
year’s records.
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NEW If custodians have not reviewed the accounts they are responsible for an email will
be sent at the end of each quarter. It will list the accounts that haven’t been reviewed
recently.
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This is also a good way to make sure we are up to date on any account custodian changes.
Check the accounts listed in the email to make sure you should be custodian of the
account(s). If not reply and we will resolve the issue.
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If after two consecutive quarters the reports haven’t been looked at, an email will also be
sent to the custodian’s supervisor.
Review Email
Viewing of Source Documents on the
Monthly Financial Reports
 Records that will have an image beginning May
2007:
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Purchase Orders
Non Purchase Order Invoices
Hand Checks
Check Requests
Travel Reimbursements
Financial Reports