All financial transactions entered on-line by the department should be reconciled monthly to their internal source document or log. All financial transactions from all source systems Human Resources, Procurement, Stores, service operations, billing units and other entities that provide financial data to the General Ledger should be reconciled to supporting documentation. Supporting documentation, either paper or electronic, should be adequate to support the financial transaction. Supporting documentation should be maintained in the department. Fund managers should recognize the transaction information that appears on the university financial reports.
Fund managers have the responsibility for identifying financial problems and resolving errors.
Workflow should be set up appropriately to ensure that proper approvals occur for your department s financial transactions. At the top of the narrative is a summary table, that tells you how to recognize each type of transaction on the 91, and describes the associated billing cycle. Then the narrative provides key information about how the transaction will appear on the 91, and on the reconciliation document. Finally, it describes how to compare the 91 to the reconciliation document. For your convenience, fields referred to in the narrative are labeled on the sample 91 and reconciliation document.