This policy governs the use of University accounting transactions that impact balances and amounts that reside in the enterprise financial system (EFS) and originate in the general ledger.
Departments must ensure that accounting transactions are entered accurately and timely in EFS by employees who have satisfied the University's prescribed training and assessment requirements and have access to initiate and/or approve transactions in EFS.
Units must ensure that accounting transactions:
- are processed in the appropriate EFS module including general ledger
- align revenues and expenses with the appropriate activities and associated Chartfield Strings
- reflect the nature or function of what is being recorded
- accurately record assets, liabilities, and fund balances at the end of an accounting period
- are entered in accordance with applicable federal, state, grantor, or University restrictions
- are supported with proper documentation and approvals
- contribute to the University's overall financial integrity
- support documentation must be retained either in EFS or Perceptive Content.
- refer to: Records Retention Schedule
Transactions that originate in a module other than the General Ledger have specific policies and procedures related to the module (see appendix).
Module or System Interfaces
Transactions processed through interfaces are exempt from the approval routing specified in the procedures.
Reason for Policy
This policy helps the University maintain stewardship over its assets by monitoring and controlling these transactions. Transactions have unique risks in that they have minimal review by external parties. Inaccurate, unauthorized, or undocumented transactions may result in audit disallowances, especially for sponsored project funding.
Accurate transactions will improve the quality of financial reporting, improve compliance with regulatory requirements, and minimize inefficiencies in document correction.