1. Keep a copy of any activity (source documents) entered (or to be entered) into PeopleSoft Financials. Examples include: vendor invoices, ATA, service unit requests, etc.
2. File copies by project number.
3. When notification is received that a period has been closed run the following queries in PeopleSoft Financials for the closed month:
OU_SPNSR_EXP_PERIOD
OU_PAYROLL_DETAIL
4. Subtotal the OU_SPNSR_EXP_PERIOD query by category (i.e. supplies, travel, etc.). Verify source documents to transactions on query.
5. Verify the payroll detail information to the summarized totals on OU_SPNSR_EXP_PERIOD.
6. If there are expenditures charged to the wrong account, process a cost transfer immediately. Federal regulations require that cost transfers be processed within 90 days of the error.
7. For clinical trials an additional query should be pulled to verify the revenue that has been received. Because GCA does not invoice for clinical trials, it is very important to keep track of your cash balance to ensure that payments are being received for the work that has been performed.
OU_SPNSR_ACTIVITY
8. The reconciliation should be signed and dated by the person completing the reconciliation.
9. The Principal Investigator should review the monthly reconciliation and sign and date the documentation.
10. Monthly reconciliations should be retained for audit purposes according to the University record retention policy.
***Departments should not attempt to use the Budget Status Report for reconciliation purposes. This report is continually changing as transactions are processed. ***