Revision Date: 28 May 2008
Errors or changes to: firstname.lastname@example.org
- Explanation of Headings
- Reconciling the Statement of Account
- Corrections to the Statement of Account
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Each department or unit head is responsible for maintaining accurate departmental records that support the activity of each departmental account. Overspending a departmental account is not allowed. Department or unit heads should ensure overspending does not occur. Account administrators will receive a Statement of Account detailing receipts, expenditures, appointments, orders placed, and free balances on each account for which he/she is responsible. If there is no activity in an account, a monthly statement of account will not be produced.
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Explanation of Headings
Name or Description - Payee/Vendor name if voucher payment. Description of expenditure/income if other than payment.
Dept No. - Department Transaction Number (optional for departmental numbering system).
P.O. No. - Purchase order #, if applicable. Travel request # (begins with T).
Voucher No. - Reference # assigned to transaction upon final approval.
Date - Date the transaction was posted to accounting records.
Obj. Class - Object code, a 4-digit code that identifies the type of expenditure/income.
Balance Fwd - Amount carried forward from previous year.
Trans & Adj - Transfers or adjustments to the original budget.
Orig Budget - Original budget assigned at the beginning of the fiscal year.
Exp/Inc - Expenditures and/or Income posted to the account. Expenditures are shown as negative amounts. Income is shown as a positive amount.
Enc/Inv - Encumbrance entries posted to the account. These include Purchase Orders, Travel Requests, and Monthly Salaries.
Free Balance - Balance in the account after every transaction has posted.
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Reconciling the Statement of Account
It is the responsibility of the administrator of the account to make sure the account is reconciled on a monthly basis. When the statement of account is received, the reconciler should compare each transaction against departmental records (supporting documentation such as, purchase orders, invoices, requests to travel, etc.) to verify that all transactions have been recorded accurately for the month. Supporting documentation must be maintained for each transaction on an account. The documentation may take an electronic form. Copies are not required to be attached to the monthly reconciliation, but all supporting documentation must be available for inspection when requested. The reconciler should sign each reconciled statement of account (each budget category for a given account). The account administrator must review the reconciliation and sign each statement of account. An alternative to the account administrator signing each statement for each budget category of a given account, would be to sign the Statement of Accounts Reconciliation & Acknowledgement (Form 2-12).
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Corrections to the Statement of Account
If a correction of a transaction is necessary, please notify the Office of Business Affairs and Controller and provide the following information:
The Voucher No. or Doc ID No. to be corrected
The reason for the correction
The amount of the correction
The new account number to be charged/credited
The old account number to be charged/credited
IDT corrections require the approval of the department charging the IDT. Request the correction from the charging department who will send the correction to the Office of Business Affairs and Controller.
Corrections should be sent to Beverly Guadagnolo, Box 19136, or email@example.com.