February 2008Business Affairs -Your Partner for Successful Solutions 1 Account Reconciliation.

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Presentation transcript:

February 2008Business Affairs -Your Partner for Successful Solutions 1 Account Reconciliation

February 2008Business Affairs -Your Partner for Successful Solutions 2 UT System Administration Policy – UTS Certifications by Account Owners (Subcertifications). Each Account Owner should provide a subcertification annually to the Financial Reporting Officer. Each institution’s Financial Reporting Officer should decide at what level the subcertification is required (e.g. Dean, department head, etc.). The minimum requirements of the subcertification letter are included in Appendix 2.

February 2008Business Affairs -Your Partner for Successful Solutions 3 Highlights of New Certification Form required by UT System Acknowledgement of responsibility Certification of reconciliation and that all transactions were appropriate Certification that errors were adjusted Certification of segregation of duties –Enter & Approve transactions; Receive cash & reconcile

February 2008Business Affairs -Your Partner for Successful Solutions 4 Highlights of New Certification Form required by UT System (cont) Certification of sound internal controls Certification that no misstatements or omissions are evident on your SOA Fraud Certification Certification of compliance with Code of Ethics related to award of contracts

February 2008Business Affairs -Your Partner for Successful Solutions 5 Need for reconciliations and segregation of duties? Funds availability Exposes lack of internal controls Risk management

February 2008Business Affairs -Your Partner for Successful Solutions 6 Compliance Quality Assurance Review (QAR) Report of responses sent to Office of Compliance and Risk Management Compliance may use this list to formulate their future QAR visits to departments

7

February 2008Business Affairs -Your Partner for Successful Solutions 8 Small Budgets (< $100,000) Compare beginning balance Verify each charge, deposit, transfer and encumbrance showing on SOA ting/ReconcilingSmall0309.htm

February 2008Business Affairs -Your Partner for Successful Solutions 9

February

February 2008Business Affairs -Your Partner for Successful Solutions 11

February 2008Business Affairs -Your Partner for Successful Solutions 12 Large Budgets (> $100,000) More extensive review required Must track pending expenses, transfers, encumbrances & revenue unting/reconcilinglargeaccts0309.htm

February 2008Business Affairs -Your Partner for Successful Solutions 13

February 2008Business Affairs -Your Partner for Successful Solutions 14 Recon Methods Excel spreadsheet Quicken Success stories from FAR members?

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