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University of Virginia

Fund Accounting and Reconciliation Process. University of Virginia. Welcome!. Fund accounting and how we use it Expenditure reconciliations Revenue reconciliations Cash reconciliations Appendix of Sponsored Programs reference material. What is Fund Accounting?.

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University of Virginia

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  1. Fund Accounting and Reconciliation Process University of Virginia

  2. Welcome! • Fund accounting and how we use it • Expenditure reconciliations • Revenue reconciliations • Cash reconciliations • Appendix of Sponsored Programs reference material

  3. What is Fund Accounting? A method of segregating resources (i.e., funds) into categories to identify both the source of funds and the use of funds.

  4. Sources of Funds Tuition and Fees Patient Services Investment Income Grants Gifts Sales and Services Commonwealth of Virginia

  5. Award Installment Awards SG, LG G_ DR, DU FA SS, LS YY Installments should not exceed the amount of revenue collected (except for Sponsored Programs and Sales and Service)

  6. University’s mission Uses of Funds Also… • Academic support • Institutional support • Student Services • Instruction • Research • Public service • Patient Services

  7. Project #1 Award Project #2 Projects Budgets are established when projects have been funded

  8. GA Charging Instruction PTAEO

  9. ExpenditureBudget Accounts Receivable RevenueBudget PTAEO – COA Detail Summary Grants Accounting INSTITUTIONALREPORTS Transaction Flow

  10. 2 Basic Types of Projects • Expenditure • Expenditure projects can be identified as projects linked to, and funded by an award • Revenue • Revenue projects provide and identify the funds that back up award installments

  11. P102003 GL SA – UCSGifts Revenue ADR01340 GA SA – UCS Gifts Expenditures P11797 P117976 P102003 P107165 P107168 P107173 SA – UCS Gifts SA – UCS Employer Svc SA – UCS CLAS Svs SA – UCS Library SA – UCS NYRA SA – UCS Resume Marathon

  12. Sponsored Program Awards(Awards that start with a “G”) • Sponsored Programs DO NOT have an associated revenue project • Sponsors’ awards provide spending authority via letter of credit (LOC) cash, or other means

  13. Your role… YOU ARE HERE

  14. Identify Projects to Reconcile IS.GL_Revenue Project Relationships

  15. Reconciliation • Compare transactions in the Integrated System to the department's documents • Determine if transactions are accurate and complete • Identify outstanding transactions and those that need correction

  16. Supporting Documentation • All original supporting documentation related to financial transactions must be retained by the department • Exception for petty cash and travel reimbursements • Original documents to Accounts Payable • Copy for the department • Provide source documentation in a timely manner, if requested by a central financial office or an internal or external auditor

  17. working day Timeliness Financial Procedure 1.4. http://www.virginia.edu/finance/polproc/proc/1- 4.html Complete reconciliation by the 10th working day of the month

  18. Review • Are all transactions charged or credited to the correct account codes (PTAEO or COA)? • Were any transactions from other departments charged/credited incorrectly to your PTA?

  19. Review • Do all transactions have supporting documentation (as required)? • Do all transactions comply with University policies and procedures, and applicable state and federal laws and regulations? Note discrepancies, and have both the reconciler and approver sign and date the monthly transaction detail report or optional standard reconciliation form

  20. Additional Review for Grants/Contracts • Review Notices of Award (NOA) and verify accuracy of data • Sponsor NOA • OSP NOA • Understand the difference between direct and indirect costs • Direct: Expenditures for payroll, supplies, etc. • Indirect: F&A rate negotiated between UVA and the Federal Government applied to direct expenditures

  21. Resolution • Locate missing documentation • Remove transactions that don’t belong on your PTA/COA • Note outstanding expenses/revenues

  22. Resolution • Move expenditures in your suspense projects (Labor/OTPS) to your PTA • Additional policies and procedures may apply for Sponsored Program projects and awards Optional: complete Standard Expenditure Project Review and Reconciliation Form

  23. Record Retention Policy and Procedure University record retention website: http://www.lib.virginia.edu/speccol/about/records_mgt.html Supporting documentation must be retained in such a manner as to satisfy state and federal records retention requirements (or until the Institution has been audited) State Retention Periods Payroll Records = 5 years + current fiscal year OTPS Records = 3 years + current fiscal year

  24. Record Retention Policy and Procedure For the Health Sciences Center record retention policy contact: • John Redmond, Administrative Services: 982-3452 • Abraham Segres, Risk Management: 924-5595 Sponsored Program Retention Periods 7 years for Grants (or until audited by the Sponsor) Life for Contracts

  25. Reconciliation Links websitehttp://www.virginia.edu/finance/reconlinks.html

  26. Time for a break?

  27. Expenditure Focus Monthly Account Reconciliation

  28. What to gather • Prior month reconciliations and notes • Department records/documents related to expenditures for PTA or PA combinations Optional: Standard Expenditure Project Review and Reconciliation Form

  29. Reports Needed • Required: • FM_Project BBA by Expenditure Type • FM_Expenditure Detail by Project • Recommended: • GL_Only Project Activity Detail • Optional: • FM_Payroll Expenditures by Project

  30. “O” in the PTAEO

  31. Parents Weekend Open House

  32. Reconciliation Lab

  33. Troubleshooting Expenditures Actions: • Seek missing documents • Gather information about transaction discrepancies

  34. Troubleshooting Expenditures Actions (cont’d): • Finalize transactions on projects/awards to be closed • Close completed POs if there are no pending invoices

  35. Additional Reports • Discoverer • IS.LD_Labor Suspense Project Balance Report • IS.FM_OTPS Suspense Project Balance Report • Discoverer • PDW4X.PS.AP 110 Held Payment Vouchers • PDW4X.PS.AP 120 Held Invoices on Receiving Hold • PDW4X.PS.AP 130 Held Invoices With No Valid PO • Oracle Standard Report • UVA PA Installment vs. Funding vs. Expenditures

  36. Award Management • IS.FM_Award BBA by Award Manager Review budget and actual totals and take corrective action as necessary Note: This is not a mandated activity, but Award Managers are expected to monitor their awards and to manage to established budgets • UVA Installment vs. Funding vs. Budget vs. Actual (Oracle Standard Report-optional)

  37. Revenue Focus Monthly Account Reconciliation

  38. GA to GL mapping GL Chart of Accounts (COA) Many awards to one fund source Many expend types to one object code one to one one to one Many awards to one entity GA PTAEO

  39. Cashier’s Office Accounts Receivable Credit Card Receipts Transaction Flow Bank Deposits RevenueBudget (sales and services

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