1. Slide 1 FastFacts Feature Presentation May 8 th, 2008 We are using audio during this session, so please dial in to our conference line… Phone number: 877-322-9648 Participant code: 182500

2. Slide 2 Todays Topic Well be taking a look at… Monthly Account Reconciliation Guidelines Records Retention

3. Slide 3 Todays Presenter Shari Swisher Manager of Special Projects and Training, Financial Systems Administration, Controllers Office

4. Slide 4 Session Segments Presentation Shari will provide an overview of account reconciliation processes since the implementation of HopkinsOne SAP. During Sharis presentation, your phone will be muted. Q&A After the presentation, well hold a Q&A session. Well open up the phone lines, and youll be able to ask questions. Shari will answer as many of your questions as time allows.

5. Slide 5 Contact Us If you would like to submit a question during the presentation or if youre having technical difficulties, you can email us at: fastfacts@jhu.edu fastfacts@jhu.edu You can also send us an instant message! GoogleTalk – HopkinsFastFacts@gmail.comHopkinsFastFacts@gmail.com AOL Instant Messenger – HopkinsFastFacts MSN – FastFacts@jhu.edu

6. Slide 6 Survey At the end of this FastFacts session, well ask you to complete a short survey. Your honest comments will help us to enhance and improve future FastFacts sessions.

7. Slide 7 Account Reconciliation and Records Retention

8. Slide 8 Agenda Today, well be taking a look at: The purpose of Account Reconciliation Why we reconcile Who is responsible Records Retention guidelines Using the Account Reconciliation Guide Identifying business processes and transactions for reconciliation Risk based approaches to reconciliation

9. Slide 9 Account Reconciliation Overview

10. Slide 10 Why Should You Reconcile? Reconciliation is a critical internal control measure. Our goal is to assure that expenditures are: Correctly charged Allowable for the cost object Allocable to the cost object Appropriately approved and documented Accomplish timely corrections of errors.

11. Slide 11 Who Is Responsible? Administrative review Reconcile sponsored and non-sponsored accounts monthly Review control salary cost objects after each semi-monthly pay Include actuals and commitments Document the review process Principal Investigator review Review account activity after reconciliation is completed Quarterly review is suggested

12. Slide 12 Records Retention

13. Slide 13 Records Retention Requirements Financial records (electronic and paper), supporting documents, statistical records, and all other records pertinent to a sponsored award or tax return, shall be retained for a period of seven years from the date of submission of all deliverables. Financial reports, patent reports, technical reports, and equipment reports are all examples of deliverables. Next well look at the responsibility of the Controllers Office, Research Administration, and the Department.

14. Slide 14 Controllers Office Documents maintained by the Controllers Office include: Expenditure statements Validated deposit documents Journal vouchers Approved cost transfers, payroll and non-payroll Supporting documents for disbursements Effort reports Financial reports and invoices sent to Sponsors Scanned copies of documents residing in SAP: Online payment requests for non-purchase order payments Recurring payments

15. Slide 15 Research Administration Offices The Research Administration Offices retain records that include: Original award documentation All award modifications Prior approval documentation

16. Slide 16 Departments Departments must retain: Original proposals and budgets Technical reports submitted to the Sponsor Evidence of monthly reconciliation Original documentation (packing slips and receipts) supporting all Procurement Card and American Express expenditures Evidences of goods receipt (packing slips and receipts) for all non-Procurement Card expenses Original documentation for travel expenses

17. Slide 17 Getting Started

18. Slide 18 Become Familiar with Resources Controllers Office Website Quick Reference Guide Links to BW Reports templates located under HopkinsOne Information Shared Services Websites Click here to access the Guide. www.controller.jhu.edu

19. Slide 19 Account Reconciliation Guide Review the Account Reconciliation Guide. Processes are listed by chapter. Includes view of reports in BW and transactions in R/3. Helpful appendices.

20. Slide 20 What Is Covered in the Guide? Topics include: Payroll Supply Chain Procurement Cards Non-purchase Order Payments Travel & Expense Reimbursements Cost Transfers E210 Vacation Credits Revenue Internal Cost Allocations Net Assets & Fund Balance Carryover

21. Slide 21 Review What to Reconcile Payroll and Fringe Benefits, Fellowships Procurement Card Postings Online Payment Requests Travel Reimbursements and Advances Internal Cost Allocations Service Centers Master Data- F&A, Budgets Revenue http://www.controller.jhu.edu/acct_recon/acct_reconciliation_guide/Appdx_2_Reconciliation_Quick_Ref.pdf

22. Slide 22 Gather Materials Review the prior months reconciliation. Print the pertinent BW reports. Use the statements received by email. Run reports in BW. Use pre-formatted reports available online: www.controller.jhu.edu

23. Slide 23 Review Postings Review postings and match to back up documentation. Check off each line item and attach necessary receipts and documentation. Research discrepancies and missing documentation. Initiate and document corrections (cost transfers, etc.) as necessary.

24. Slide 24 Final Steps Document the completed reconciliation. Signoff should include: Listing of cost objects reviewed Transactions reviewed (when responsibility is shared with someone else) Month being reviewed Corrective actions takencost transfers, etc. Date completed Save documentation for reference. Discuss the reconciliation with the Principal Investigator. This process will vary by department.

25. Slide 25 Looking Forward Our approach becomes more risk based. Transactions with stronger internal controls require less scrutiny. Workflow helps to validate expenses before they are incurred. As improvements and enhancements are developed, reconciliation processes will be modified and streamlined.

26. Slide 26 Q&A Were going to open the phone lines now! There will be a slight pause, and then a recorded voice will provide instructions on how to ask questions over this conference call line. Well be answering questions in the order that we receive them. Well also be answering the questions that were emailed to us during the presentation. If theres a question that we cant answer, well do some research after this session, and then email the answer to all participants.

27. Slide 27 Thank You! Thank you for participating! We would love to hear from you. Are there certain topics that you would like us to cover in future FastFacts sessions? Would you like to be a FastFacts presenter? Please email us at: fastfacts@jhu.edu

28. Slide 28 Survey Before we close, please take the time to complete a short survey. Your feedback will help us as we plan future FastFacts sessions. Click this link to access the survey… http://connect.johnshopkins.edu/fastfactssurvey/ http://connect.johnshopkins.edu/fastfactssurvey/ Thanks again!