| A | B | C | D | E | F | G | H | I | |
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1 | This worksheet describes fiscal responsibilities by account type. It includes one data table beginning at cell A2. Make a copy of the sheet to identify responsibilities in your unit. | ||||||||
2 | Account Type | Module | What | Why (Inaccuracies pose a risk to your department, college, RRC, and the University.) | How | Corrective Action for Errors and Issues | Frequency | Validation or Reconciliation | Monitoring Level: Cluster or Department |
3 | Assets | AM (Asset Management) | Fixed Assets, Account 168250. | Identify all assets that are the responsibility of the department and ensure they have the appropriate ChartField string. | Review Account 168250 for a particular DeptID. Review ChartField strings and consider any changes that have taken place. Use Account Budget Status report. See Capital Equipment Asset Transfer Form UM 1556, Capital Equipment Asset Disposal Form (pdf), My U Reporting Center QuickStart Guide (doc). | Contact Inventory Services for questions. For changes to a ChartField string or other changes to the asset, fill out a transfer form. If asset requires disposal, fill out the disposal form. | Quarterly | Reconciliation | |
4 | Assets | AM (Asset Management) | Fixed Assets, Account 168001. | Verify that no fixed assets are sitting in the clearing account incorrectly with a status of “Errored.” | Review Account 168001 using Account Budget Status report. See My U Reporting Center QuickStart Guide (doc). | Inventory Services has determined that the incorrect Account value was chosen. Clusters can make the appropriate correction to that Account value field with a journal entry. | Monthly | Reconciliation | |
5 | Expenses | AM (Asset Management) | Depreciation, Account range 760101–760188. | Review the depreciation to ensure anticipated amounts remain relatively consistent. | Review Accounts in 760101-760188 using Account Budget Status report. See My U Reporting Center QuickStart Guide (doc). | If depreciation amounts are higher or lower than anticipated, review fixed asset purchases (Account 168250) to check for acquisitions and/or disposals. | Monthly | Validation | |
6 | Expenses | SA/SF (Student Financial) | Grants/loans for student tuition (e.g., Pell Grant), Account 800102. | Verify appropriate grants/loans were paid to correct students. | Review detailed transactions in the Reporting Center for students and instructions and compare to original documents in department. | Correct in the SA/SF module. | Monthly | Reconciliation | |
7 | Expenses | SA/SF (Student Financial) | Grants/loans for student tuition (e.g., Pell Grant), Account 800102. | Review overall dollar amount for any exceptions. | Review detailed transactions in the Reporting Center for students and instructions, and compare to original documents in department. | Contact the loan preparer to review and potentially correct. | Monthly | Reconciliation | |
8 | Expenses | AP (Accounts Payable) | Internal sales billing verification: AP – UMNIS. | Verify the charges posted to the buying DeptID are accurate and match the billing documentation received from the ISO (e.g., printing packing slips, phone charges). | Determine the total revenue in the Reporting Center or General Ledger inquiry for the ChartField string. Perform a voucher inquiry using business unit UMNIS, the department, and the time frame. Compare with voucher inquiry for the UMNIS business unit, DeptID, and Account. | Contact the department that initiated the sale with any questions. Use preparer column for contact information. | Monthly | Reconciliation | |
9 | Expenses | HR (Human Resources Management System) | Payroll and Fringe. | Verify the pay for each employee is correct and expensed against the correct combo code. | Run Payroll Verification report. | Payroll preparer needs to make a correcting entry. | Biweekly | Reconciliation | |
10 | Expenses | HR (Human Resources Management System) | Payroll and Fringe. | Verify the payroll charges on the General Ledger match the abstract, and encumbrances are calculating correctly. | Run Payroll Verification report. | Payroll preparer needs to make a correcting entry. | Monthly | Validation | |
11 | Expenses | AP (Accounts Payable) | PCard forced transactions, Account 721101. | No PCard transactions should be on the default Account of 721101. | Review Account 721101 to determine if PCard transactions were force reconciled. Total expenditures for Account 721101 should always equal $0. Use Account Budget Status report. | Create a journal entry to transfer the expense to the appropriate ChartField string. | Monthly | Validation | |
12 | GL | GL (General Ledger) | Compare budget to actuals. | Monitor ChartField strings for: Reasonable and appropriate, Deficit, Budget issues, Material variances, Static, Anomalies. | Run Reporting Center ChartField String Budget Status for Current Non-Sponsored Funds, Sponsored Award Overview reports. | Contact department head or principle investigator (PI) and discuss concerns. | Monthly | Validation | |
13 | Revenue | AR (Accounts Receivable) | Bank Card Reconciliation, Account 520677. | Ensure all chargebacks are recorded in the 520677 account. Load errors may be located in Account 720312 and may need to be reclassified. | Review Account 520677 to reconcile chargebacks. Occasionally, chargebacks may be located in Account 720312. Challenge any chargebacks you do not have notification or documentation for. Use Account Budget Status report. | Contact AR Services with the transaction number to review. If reclassification is required, also contact AR Services. | Weekly | Reconciliation | |
14 | Revenue | AR (Accounts Receivable) | External Sales, Account 520601. | Ensure external billing requested through non-sponsored AR are reflected in the Reporting Center. | Review Account 520601 to reflect external billing for unit. Verify total billings are as anticipated. Use Account Budget Status report. | Run an inquiry in the Billing module to determine if there are unbilled transactions. Resolve issues or contact AR Services. | Monthly | Validation | |
15 | Revenue | AR (Accounts Receivable) | AR Aging and AR Misc, Accounts 1100XX. See Chart of Accounts ChartField Values, Monitoring Accounts Receivable-Aging Reports (pdf). | Monitor external billing sent out by the department for outstanding accounts receivable. | Review Account 1100XX (refer to the Chart of Accounts ChartField Values) to monitor AR balance. Monitor the aging of department AR using PS AR Aging report, and follow up on aging reports. If departmental account system exists, then compare AR in PS to accounting system in unit. | N/A. | N/A | Validation | |
16 | Revenue | AR (Accounts Receivable) | Bank Card Aging and AR Misc, Account 110080. | Monitor items that are over 10 days old. | Run the PS Merchant Aging report. | Contact AR Services with specific transaction numbers to review discrepancies. | N/A | Validation | |
17 | Revenue | Treasury | Targeted ChartFields for endowments. | Monitor that revenue from endowments is recorded on the correct ChartField string. Account 560201. | Review the totals (Fund, Account, and CF1 values). Use CF1 totals to validate the correct totals. | Initiate an income distribution setup change (to ensure future distributions are correct). Create a journal entry to correct the incorrect distribution. | Monthly | Validation | |
18 | Revenue | SA/SF (Student Financial) | Grants for student tuition (e.g., Pell Grant). | Reconcile transactions against the financial system General Ledger. Verify appropriate grants/loans were paid to correct students. | Run Journal Detail for Student Financials report. | Correct in the SA/SF module. | Monthly | Validation | |
19 | Revenue | SA/SF (Student Financial) | Grants for student tuition (e.g., Pell Grant). | Review overall dollar amount for any exceptions. | Review detailed transactions in the Reporting Center for students and instructions, and compare to original documents in department. | Contact the loan preparer to review and potentially correct. | Monthly | Validation | |
20 | Revenue | AR (Accounts Receivable) | Bank Card Reconciliation, Account 720312. | Review the fee Account 720312 to ensure only fees are charged to this account. | Review Account 720312 to reconcile credit card fees. Use Account Budget Status report. | Contact AR Services with questions. If reclassification is required, also contact AR Services. | Monthly | Reconciliation | |
21 | Controller’s Office Financial Training. Financial Helpline controller@umn.edu |