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Monthly verification of the Revenue and Expenditure Reports is
a critical control for fiscal management to ensure that revenue
and expenditure transactions are correct, allowable, and applied
to the appropriate accounts. The monthly review includes a reconciliation
of expenditures and encumbrances comparing the source documents
to the report entries. Prompt reconciliation of both expenditures
and encumbrances can reveal problems such as duplicate payment of
invoices or non-payment of invoices and be immediately brought to
the attention of Accounts Payable for a quick resolution. This review
also includes the verification of salaries and revenue. In addition
to the monthly Revenue and Expenditure Reports sent out by the Controller's
Office, departments can also review revenue and expenditures online
through CUFS, AINQ, and DIST. Errors found during this reconciliation
are corrected by using EB-14s (electronic non-salary expense transfers)
or EB-15s (electronic salary expense transfers) for payroll.
Fiscal management responsibility rests with the department chairs,
organization managers or principal investigators but may be delegated
to the administrative staff. However, oversight of such delegated
fiscal responsibilities remains with the department chairs, organization
managers, or principal investigators and is confirmed by reviewing
and verifying the monthly expenditure reports.
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- Office
of the Controller-443-997-8151
- Accounts
Payable -443-997-6688
- Homewood
Human Resources-516-8042
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