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, must be adequate to support the financial transaction. Supporting documentation should be maintained in the department. Fund managers should understand 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.