Departmental Business Management Guide - Reconciliations & Reviews

Contents

• Overview
• University Guidelines
• Internal Controls
• Departmental Responsibilities
• Resources

Overview

Financial reconciliations and reviews are internal control procedures designed to verify the accuracy and reliability of accounting data and other management information. Administrators, department heads, and directors should ensure timely completion of all required and recommended reviews and reconciliations, as detailed in the Departmental Responsibilities section below.

University Guidelines

Sound financial management necessitates that managers perform regular reviews of financial transactions. These reconciliations and reviews provide management, auditors, and other users with the ability to substantiate balances, detect errors, and ensure consistency and accuracy between departments’ internal records and University financial reports.

Internal Controls

• Ensure proper segregation of duties between the individual(s) recording financial transactions, the person reconciling these transactions and the employee reviewing the reconciliations.
• Reconciliations and reviews should be performed in a timely manner, according to University policies and recommended procedures.
• Reconciliations and reviews should assure that transactions are complete, accurate, valid, and have been approved by responsible personnel.
• Reconciling items should be identified and resolved in a timely manner.

Departmental Responsibilities

• Budget Managers are responsible for:
  • Comparing internal records to OMNI departmental ledger reports on a monthly basis to ensure that only appropriate transactions have been recorded in the ledger
  • Identifying and resolving any reconciling items on OMNI departmental ledgers as soon as possible, but no later than the end of the third succeeding month
• Departmental Time and Leave Representatives are responsible for reviewing all Pay and Leave Reports for completion, mathematical accuracy and appropriate supporting documentation according to the University Payroll Schedule.
• P-Card proxies are responsible for reconciling purchasing card charge receipts to the related bank charges according to the procedures laid out in the Monthly P-Card Reconciliation job aid.
• Departmental Security Coordinators are responsible for reviewing non-default OMNI security roles for the users in their departments on a regular basis by using the FSU_DPT_VERIFY_SECURITY_ROLES queries in OMNI Financials and OMNI HR.

Resources

• Ledger Reconciliation Guidelines (Controller’s Memorandum #02, 2007/2008)
• General Ledger Reconciliation Training Materials
• University Policy OP-D-2-E3 – Payroll Responsibilities
• Purchasing Card Monthly Reconciliation Job Aid
• Internal Controls Checklist

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