- General Ledger Reconciliation – Each month actual revenues and expenses are monitored against budgets General Ledger is reconciled by the department.
- Actual revenues and expenses are monitored against budgets. Department reviews reports monthly for general propriety and accuracy. On comparison reports (monthly or annual), unexplained variances based on expectations (e.g. budget or prior period) are investigated to ensure accuracy.
- Department reconciles the General Ledger for accuracy. Department verifies amounts to supporting documentation and resolves exceptions.
- Overdraft Funds – Department reviews funds in overdraft status and takes follow-up action.
- Distribution of Payroll Expense Reconciliation – Detailed payroll expenses are reviewed each month by the department for general propriety and to validate the accuracy of the charges. For example, departments review the accuracy of employee names and pay rates, and/or for possible other key entry errors.
- Effort reports – Personnel Activity Reports (PARS) are certified each quarter by a responsible official with first hand knowledge of the work performed. Departments are responsible for maintaining these records in accordance with campus retention policy.
- Physical Inventory – Physical Inventory is conducted by the department every two years. After the inventory is performed, the EQ920 is signed and returned to Equipment Management.
- Purchase Orders and Accounts Payable Invoices – Requisitions, Purchase Orders, and Invoices are reviewed and approved at the department level. Invoices must be approved by the department responsible for the purchase.