Take appropriate action to correct any improper charges allocated to a DeptID or Project/Grant by notifying a Finance Division staff member (either General Accounting or Sponsored Programs Accounting for grants).Verify that all entries made to each account have been properly allocated, representing expenses for activities that pertain to the purpose of the DeptId or Project/Grant.Assure in a timely manner that periodic financial reports are reviewed to determine that all charges and entries are accurate and complete.It is the responsibility of every employee responsible for an account, DeptID or Project/Grant to: Each DeptId or Project Grant in the University’s financial records system has been assigned a "responsible person" – usually a department chair, principal investigator or designated administrator.No bank accounts or services are to be established by individual schools, departments, units, or others acting on their behalf for the purpose of funding, or to assist in funding, any University activity.For further guidance on the allowability of particular expenses, please refer to the University’s Business Expense Guidelines, as found within the Finance Division’s website. The use of University funds or assets for any unlawful or improper purpose is prohibited.No payment made by the University should be approved with the understanding that any part of such payment is for any purpose other than that described in the supporting document(s). No transaction, whether recorded directly into the general ledger or through a subsystem, nor any supporting documentation, shall be deliberately left incomplete or distorted.Specific guidance pertaining to the timely posting of transactions for fiscal year-end is provided in a memorandum to all departments from the Office of Financial Services in May of each year. The recording of all financial transactions must be timely, accurate and clearly identify the true business nature of the transaction.The Finance Division is responsible for the accuracy, integrity, and overall management of the University’s financial system and should therefore be consulted on any matters relating to accounting policies and procedures.
All transactions, whether recorded directly into the general ledger or entered through a subsystem, should be transcribed in a way that allows for the preparation of financial statements in conformance with Generally Accepted Accounting Principals (GAAP).
The University financial system consists of the general ledger and all subsidiary systems (manual and automated) that serve as the basis for ledger entries.