controller’s office/quality assurance kim coates
DESCRIPTION
General Ledger Reconciliation. Controller’s Office/Quality Assurance Kim Coates. Course Topics . Ledger Reconciliation Objective Types of Funds Printing Financials OMNI Reports OBI Reports Source Documents Omni Financials Queries Hummingbird Corrections. - PowerPoint PPT PresentationTRANSCRIPT
Controller’s Office/Quality Assurance
Kim Coates
General Ledger Reconciliation
COURSE TOPICS
Ledger Reconciliation Objective Types of FundsPrinting Financials
OMNI ReportsOBI Reports
Source DocumentsOmni FinancialsQueriesHummingbird
Corrections
LEDGER RECONCILIATION OBJECTIVE
Verifies the accuracy of the general ledger Ensures sound financial management of
University resources Provides management, auditors, and other
users with reliable financial information Annual Report Bond Ratings Internal Control provides assurance to auditors
that our financial statements are fairly stated Results in a favorable Auditor’s Opinion
RECONCILIATION GUIDELINES
2007 – 2008 Controller’s Memoranda #02 Ledger Reconciliation Guidelines – May 14, 2008 Controller’s website http://control.vpfa.fsu.edu/memos.html
Budget Manager or designee is responsible for performing the monthly reconciliation(s).
Reconciliation should be performed by someone that does not originate or authorize the financial transactions
RECONCILIATION GUIDELINES
Designated file for source documents needed for an accounting period until the ledgers have been reconciled e.g. purchase orders, invoices, deposit receipts May use Excel spreadsheet for depts. with a
large volume of transactions
Obtain departmental ledger reports
Trace detailed transaction ledger information to supporting documentation
RECONCILIATION GUIDELINES
In reviewing each of the transactions, the following items should be verified: Dollar amount is correct Account code charged is correct Dept ID and Fund code charged are correct Expenditure is allowable according to FSU
Policies and Procedures – (Expenditure Guidelines) http://control.vpfa.fsu.edu/payables.html
Write your initials and the Journal ID number and date at the top of each source document
The reconciliation process will identify errors and missing items.
RECONCILIATION GUIDELINES Make correcting journal entries Any reconciling items should be noted on the
Ledger Reconciliation Certification and/or the Ledger Reconciliation Correction Record
Reviewed by a Supervisor/Asst Director Complete Ledger Reconciliation Certification Should be completed by the end of the following
month, and reviewed and signed off on by the end of the second succeeding month
Resolve reconciling items as soon as possible, but no later than the third succeeding month
TYPES OF FUNDS
The Legislature appropriates money to FSU based on enrollment.
Spending is limited to the budget
Examples: Controller’s Office, Academic depts.
Current Year Funds (110, 210, etc)
Carryforward Funds(140,240, etc.)
Self-sufficient business entities that provide a service to the campus and others for a fee.
Examples: Bookstore, Computer Store, Printing and Mailing Services
Spending is limited to cash
Auxiliary Funds - (300’s/700’s)
Locals: Student Activities – (610) Vending – (620) Athletics – (630)
E & G Auxiliary & Locals
OMNI MONTHLY FINANCIAL REPORTS
Official University Ledgers Departmental Ledger Summary
Includes actual and budget information Summarizes beginning balances, current
monthly activity, and ending balances Detailed Reports
Can run by department or project (C&G) Includes all University departments Use binoculars to search for your department Print only the pages for your department
OBI REPORTING FINANCIAL REPORTS
Data warehouse tool replaces Business Objects
Summary and Detail Ledgers as current as the previous day – date & time stamped
Wait for notification from the OMNI-Financials Listserv that the OMNI Ledgers are ready before you complete your reconciliation
May want to verify that the totals match the OMNI ledgers (if you completed recon before the OMNI ledgers were released)
Job aids link is located at Controller’s website http://www.erp.fsu.edu/jobAids.cfm?user=obi
EXPENSE DETAIL REPORT
Compare all expenditure source documents to the transactions listed on the report
Source documents include: Invoices Travel expense reports Payment request forms Journal transfer forms Postal charge slips Telecom Charges Expense refund slips (DT 118B) Facilities Dept Charges
OBI REPORTSHR-GL DETAIL
Provides detail of Salary and OPS expense Verify the employees listed on the HR-GL
Detail Report belong in the department/fund you’re reconciling
Compare the Grand Totals to the Departmental Ledger for the month
If it does not equal look for : AP (Accounts Payable) journals Usually an employee that paid for benefits with a
personal check instead of payroll deduction May need role request to access the report
HUMMINGBIRD
Purchasing, Accounts Payable, and Travel source documents are scanned into this program
Lookup Expenses by: PO # Voucher # Invoice # Vendor # Travel Expense Report #
Link on Controller’s website -http://control.vpfa.fsu.edu/
P-CARD EXPENSE
Use the approved P-card Reconciliation as backup for the P-card expenses FIA Card Services – on GL Verify that the amounts and accounts charged
are correct Verify department and fund charged are correct
Query to look up P-card expenses FSU_PCARD_TRANS_INFO Need Employee ID numbers
REVENUE DETAIL REPORT Compare revenue source documents to the
transactions listed on the report Source documents include:
DT118 forms with receipt from Student Financial Services
Revenue-to-Revenue transfer forms Florida State University Refunds Forms
Sales Tax or other refunds Bank Deposit Slips SFS Cashier Receipts Returned Checks
ENCUMBRANCE DETAIL REPORT
Encumbrance is an allocation or reservation of funds for a particular expenditure in the future
Encumbrances are established by: Travel Authorizations Purchase Orders Payroll Charges
Track Encumbrances to make sure they are closed when final payment is made
ENCUMBRANCE DETAIL REPORT
Ensure Travel Authorizations that have been fully paid with an Expense Report no longer have remaining encumbrances
Any Travel or Purchase Order encumbrances (excluding Blanket POs) that are over 90 days old should be researched and explained on the Monthly Reconciliation Certification
LIABILITY DETAIL REPORT
Verify each liability created is cleared
Research any liability that is carried forward continuously from one accounting period to another
CASH DETAIL REPORT
Details all cash transactions for the month Generally the cash balance is checked
throughout the month Controller’s Office is responsible for cash
reconciliations Check Cash balance on the Departmental
Summary Report
TRANSACTION DETAILS REPORT
Download Detail Departmental Ledgers to: Excel PowerPoint Excel 2000 Data Web Page
Print Option
OMNI FINANCIALS
Travel and Expense Center Lookup Travel Authorizations or Expense Reports Financials 8.9>Travel and Expenses>Travel and
Expense Center>select Travel Authorization or Expense Report>View
General Ledger Center Lookup Journals OMNI Financials 8.9>General Ledger>Review
Financial Information>select Journals
QUERIES
OMNI Navigation FINANCIALS 8.9>Reporting Tools>Query Viewer
Useful Queries (FSU_DPT) Cash Balance (Auxiliaries) GL Journals Trial Balance GL Source Codes P-Card Transactions Complete list of FSU_DPT queries at
http://control.vpfa.fsu.edu/queries.html
CORRECTIONS
Correcting Outstanding Travel Authorizations If the travel did not occur, have the travel rep that
originated the TAuth delete the Travel Authorization.
If the travel did occur, but was paid from another funding source, have the travel rep that originated the TAuth cancel the Travel Authorization
If the travel did occur, but the travel rep did not choose the Quick-Start option “A Travel Authorization” to copy- from TAuth when creating the ER, have the travel rep print/copy an Expense Receipts page for the ER, write a note to file on the blank page referencing the canceled TAuth, fax the page to Hummingbird DM, and then cancel TAuth
CORRECTIONS
O/S Travel Auth. Continued – Hummingbird Fax – Travel Contact List – 645-9501 If the ER references the Tauth, cancel the TAuth
If the travel did occur and was never paid, have the travel rep complete an Expense Report.
Encumbrance Reduction or Cancellation Purchasing Website
Forms – Change Request Form
CORRECTIONS
Chartfield Error (Dept, Fund, Account, Amount) Controller’s Forms Expenditure Transfer Journal Entry Form (Non-
Construction)
Deposit Errors Student Financial Services Forms Correction Form
RETAIN RECORDS
Reconciliations should be retained indefinitely
HELPFUL WEBSITES
Controller’s Office - http://control.vpfa.fsu.edu/ Forms Policies & Procedures Controller’s Memoranda Fundamental$ Queries
Budget Office - http://www.budget.fsu.edu/ Training Manuals and Policy
Auxiliary Manual Auxiliary Policies
OMNI REPORT NAVIGATION
Reporting Tools Report Search Page
Input : Period Department Project # Fund Code
Print Summary Ledger Print Detail Reports:
Cash, Liability, Encumbrances, Expense & Revenue
Use Search icon to locate your Dept and Print only the pages related to your dept
OBI DEPARTMENTAL LEDGER REPORTSNAVIGATION
OMNI Home Page>OBI Reporting>Login FSUID and Password> Go to top Financial Reports>Select Departmental Ledger AUX, EG or CF
Summary Ledger (top left tab) report default Detail Ledgers (top left tab)
Job aid – Enterprise Resource Planning website http://www.erp.fsu.edu/jobAids.cfm?user=obi
OBI REPORTSHR-GL DETAIL NAVIGATION
Verify Salary & OPS OMNI Navigation > OBI Reporting > Enter FSUID
and Password>Go to top HR Reports>Select “HR-GL Detail”
Job Aid http://erp.fsu.edu/job_aids/DeptReps/JobAid_OBI
HRGL_Detail.pdf May need to request role to have access to
these reports. Go to:OMNI Portal Home pagee-ORR – Online Role Requests
Request: FSU_PR_DEPARTMENT_USER
CONTACT INFORMATION
Please contact me with any questions or suggestions.
Kim CoatesController’s Office/Quality [email protected]
Handouts may be downloaded at …..Controller’s Office Training Materials/Job AidsGL-4000 http://control.vpfa.fsu.edu/Controller-s-Office-
Training-Materials-Job-Aids