Business Officers & Department Administrators,
As we approach the end of the fiscal year, I’d like to remind you of some important financial compliance responsibilities.
- TDR Reconciliations. Departments must complete all current fiscal year TDR reconciliations for their financial accounts (WhoKeys) in a timely manner. You may review the status of your unit’s reconciliations by using the EFR Dashboard (refer to page 4 of the EFR Dashboard User Manual). Please note that we frequently receive requests from internal & external auditors to share TDR Status Reports for departments. Related Policy: Monthly Review of Transactions and Accounts.
- Account Owner/Reviewers Roles. Account Owner & Reviewer roles must be assigned for all financial accounts. Please assign any missing Account Owners & Reviewers for your unit’s WhoKeys. Missing roles metrics are displayed in your EFR Dashboard (refer to pages 6-8 of the EFR Dashboard User Manual). In addition to assigning missing roles, we strongly recommend that you review any accounts where the same person is assigned as the Account Owner & Account Reviewer. While this is allowed, it is intended to be kept to a minimum in order to provide for more effective monitoring. Related Policy: Monthly Review of Transactions and Accounts.
- Quarterly Reconciliation of Balance Sheet Accounts. Departments must complete quarterly reconciliations of specific balance sheet accounts to ensure that balances in the General Ledger are equal to balances in subsystems. This reconciliation/verification should be completed by Period 14 Final Close. Auditors will request this documentation in August and departments should be ready to verify compliance by providing appropriate reconciliation files. Accounting & Financial Reporting (AFR) staff are available to assist with questions you may have. Related Policy: Quarterly Reconciliation of Balance Sheet Accounts.
- Cash Handling Compliance. Units must have updated, approved local cash handling procedures on file with AFR. At a minimum, these procedures should be reviewed annually to determine if any changes have occurred and if resubmission is necessary. Please also verify that assignment of cash handling roles are current in the Institutional Roles application and that individuals are compliant with training requirements. Related Policy: Cash Handling Policy.
- üAnnual Financial Sub-certification (FSC). Senior Business Officers, Deans & VPs must complete and certify the FY17 Financial Sub-certification by September 15, 2017. A complete List of Required Certifiers by org is published on our website. Related Policy: Financial Sub-certification.
If you have any questions about the topics above, please contact me.