Reconciliations and Reviews

• University policy requires managers to perform monthly reviews of financial transactions.  The Controller’s Office prescribes the use of the university-developed Financial Transaction Review, Analysis and Certification System (FINTRACS) to perform monthly transaction review and organization certification. Review in FINTRACS leverages a risk-based approach to identify specific transactions required for review based upon university-developed business rules.  FINTRACS allows for the review and certification of any transaction and departments may require more transactions be specifically reviewed and certified at their discretion.A procedure must be in place to ensure expenditure items are complete and accurate and include only transactions properly authorized and approved for payment by the manager (or other authorized approvers for such funds), expenditures are allowable, allocable and reasonable and comply with applicable federal and state laws and regulations, university policies and procedures, and the specific requirements of grantors, revenues collected (if applicable) for the organization have been properly secured, deposited into the appropriate university bank account in accordance with Policy 3600, Funds Handling and Deposit of State and Local Funds and appropriately recorded in the Banner system, and accounts receivable activity and any outstanding receivables at period end are complete and accurate and recorded appropriately in the Banner system.   

• The manager can delegate all or a portion of this monthly review to others, but the manager is responsible for the adequate performance of the monthly review.  In addition, the fact that the monthly review was performed must be documented by certifications that are signed by the person or persons who performed the initial reconciliation as well as by the department head or authorized delegate responsible for final review of the funds.

• Policy #3100 – Fiscal Responsibility

• Completing reviews in a timely manner after the close of each month ensuring errors are identified and corrections completed  within 60 days of the original posting in the accounting system

• Ensuring any portions of this monthly review and reconciliation process delegated to employees have been adequately performed

• Ensuring monthly reconciliation is completed an approved

• Maintaining original documentation where required by university policy and procedure in accordance with records management standards (i.e. original receipts and daily sales reconciliations, invoices for purchasing card transactions, etc.)

Each month the following tasks are to be performed at the organization level and certified as complete using FINTRACS:

Review all Funds including Payroll Activity 

Indicate whether all funds have been submitted as prepared (indicating all the flagged non-payroll and payroll transactions have been reviewed) for the six-digit organization.

Review Encumbrance Aging MicroStrategy Report

Intermediate Reviewer and/or Final reviewer will certify the Encumbrance Aging Report from MicroStrategy has been reviewed by a staff member, outside of FINTRACS, and any issues addressed. The Encumbrance Aging document provides a summary of all open encumbrances and groups the encumbrance into 0 - 30, 30 - 60, 61 – 180, 181 – 360, and over 360 days aging categories. This document will help departments more efficiently identify and manage open commitments.

PO Exception MicroStrategy Report Review

Intermediate Reviewer and/or Final Approver will certify the PO Invoice Exception report in MicroStrategy has been reviewed by a staff member, outside of FINTRACS, and any issues addressed. The Purchase Order Invoice Exception report displays purchase order (PO) invoices that exceed the total amount of the PO. The report also displays invoice transactions that have no corresponding encumbrance on the PO. The detail sorts by invoice first to allow for these transactions with a null PO. This report runs for a specified calendar month and, optionally, one or more selected organization levels.

Snapshot By Organization MicroStrategy Report Review

Intermediate Reviewer and/or Final Approver will certify the Snapshot by Organization MicroStrategy Report has been reviewed, specifically to include the budget balance available for each of the budget groupings across all funds for the organization, as of the current month end.

Accounts Receivable Activity Review (if applicable)

Accounts receivable activity (i.e. charge/payment reports) have been reviewed outside of FINTRACS. The Accounts Receivable Activity reports provide Accounts Receivable activity for a specific Fund, Account, Organization, Charge Category, Charge Detail Code or any combination thereof. The Accounts Receivable Activity reports are available through Enterprise Systems report submission/distribution.

General Ledger Activity MicroStrategy Report Review for Cash Controlled Local & Agency Funds

General Ledger activity on applicable local funds has been reviewed outside of FINTRACS. The General Ledger report in MicroStrategy provides a summary and detailed view of assets and liabilities by fund and account code for the selected organization levels and/or fund and/or account. The Local Cash Balance report in MicroStrategy provides a summary by fund of cash, payables, commitments, and total balance available for unbudgeted local funds that are monitored by the cash balance.

Salary Payroll Change Report Review (semi-monthly)

Departments must review payroll changes (i.e. new appointment, GA appointments/changes, bonus payments, faculty changes) on a semi-monthly basis by reviewing the reports distributed outside of FINTRACS by the Payroll department before each pay date. Certification of this checklist item in FINTRACS confirms the review and correction of any errors has been completed

Wage Reconciliation Report Review (semi-monthly)

Departments must review and reconcile hours worked and paid between Banner and TimeClock Plus on a semi-monthly basis by reviewing the wage reports distributed outside of FINTRACS by the Payroll department before each pay date. Certification of this checklist item in FINTRACS confirms the review and correction of any errors has been completed.

Review All Funds Marked as Excluded or Skipped by FINTRACS using Departmental Defined Procedures

If an organization has any funds that have been approved to be excluded from inclusion in FINTRACS, or skipped from the review process in FINTRACS, this checklist item will appear, and the approval of this checklist item indicates that review procedures external to FINTRACS have been performed and documented by the department on those funds for the month.