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Policy: II.B.2

Issued: July 17, 1989

Owner: University Comptroller

Latest Revision: April 28, 2003

UNIVERSITY REVIEWS AND RECONCILIATIONS


**INACTIVE POLICY**

For Current Policies:
Policy Table of Contents

 

This policy has been migrated to the standardized format.
See
http://etg07.itc.virginia.edu/policy/policydisplay?id='GOV-002'

1.0 Purpose

This policy describes the general guidelines for reviewing and reconciling University projects and accounts.

2.0 Policy [Top]

2.1 Reconciliation of Departmental Accounting Records to the financial modules of the University's Integrated System

The timely review of transactions and reconciliation of all University projects and accounts is critical to maintaining the integrity of the University's accounting records.  Departments and activities must maintain files of financial transaction documents that are sufficient to monitor the accuracy and completeness of data entered into the financial modules of the University's Integrated System.

Wherever possible, requirements for departmental accounting information should be met by reference to data contained in the University's Integrated System, and not by the maintenance of independent departmental accounting systems.

All supporting documentation related to financial transactions must be retained by the department in such a manner as to satisfy local, state, and federal audit requirements, as well as state and federal records retention requirements. There are also a few "high risk" transactions that require supporting documentation to be forwarded to a central office, in addition to copies being retained by the department. Examples are: Travel Reimbursements and Petty Cash Reimbursements.

2.2 Reconciliation of University Accounting Records by Central Departments

The University Comptroller has primary responsibility for assuring that all reconciliation activities required to maintain the integrity of the financial components of the University's accounting systems are completed in a timely manner.  Specific responsibilities have been delegated as follows:

Area

Responsible Office

Reconciliation to State accounting records

Central Accounting Services

Reconciliation to bank statements for University accounts

Central Accounting Services

Reconciliation to external grant and contract sponsor records

Office of Sponsored Programs

Reconciliation to investment records

Central Investment and Tax Services

3.0 Definitions [Top]

Timely review and reconciliation is defined as ocurring at least once a month (by the10th working day of the month) for the previous month's activity, or as detailed in an alternate schedule approved by the University Comptroller and the Director of Audits. Refer to the criteria for establishing an alternate review schedule.

4.0 References [Top]

Policy I.A.1, "Internal Controls"
Policy II.C.1,
"Records Retention and Disposition"
Procedure 1-4, "Monthly Expenditure Review for Project/Award Activity" **Ongoing Draft**
Procedure 1-5, "Monthly GL Account Review"

5.0 Approvals and Revisions [Top]

Previous version in effect from 6/30/01 to 4/28/03 available in policy archive.
Previous version in effect from 1/25/00 to 6/30/01 available in policy archive.
Previous version in effect from 7/17/89 to 1/24/00 available in policy archive.
Policy migrated to the University Policy Directory on 8/11/09. Available in policy directory.


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