Controller’s Office/Quality AssuranceKim 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 Coates

Controller’s Office/Quality Assurance644-9482kcoates@admin.fsu.edu

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