General Ledger

Department Responsibilities

  • Be aware of what funds and projects are assigned to the department
  • Review financial transactions credited and charged to department’s funds and projects
  • Become familiar with elements of the Oracle/PeopleSoft chart of accounts (described below)
  • Coding financial transactions as accurately as possible and using the Oracle/PeopleSoft systems to monitor funds and projects
  • Establish procedures to ensure a proper matching of expenses to the related revenues in funds and projects
  • Monitor general ledger funds and projects assigned to departments as follows
    • Local Fund
      • monitor balance sheet accounts for accuracy or reasonableness, and awareness of resources available and for planning purposes
      • Maintain funds so that assets meet or exceed liabilities (avoid deficit net asset balances)
      • monitor financial activity (revenue and expense accounts) for accuracy or reasonableness, and awareness and planning
      • Clearing accounts should be reconciled and cleared on a monthly basis
    • Appropriation Funds
      • monitor financial activity (revenue and expense accounts) for accuracy or reasonableness, and for awareness and planning
      • Certain Agriculture departments using project numbers need to also monitor balance sheet accounts
      • Make sure expenses do not exceed budgets
    • Grant Funds
      • monitor financial activity (revenue and expense accounts) for accuracy or reasonableness, and awareness and planning
      • If a project becomes overspent, the department is liable for covering those overages through a local/non-grant fund
  • Monitor funds on a regular and timely basis so if errors exist they can be more easily corrected
  • Initiate necessary correcting transactions within 90 days of the original transaction, before the fiscal year-end deadline and/or before the end of the grant, whichever is earlier.  Failure to make timely corrections to a grant may cause them to be out of compliance.  Exceptions to the 90 day rule may be granted by the Grant & Contract Accounting Office or the Accounting Office when a correction is needed to stay in compliance with GAAP (Generally accepted accounting principles), federal or state regulations/policies, or grant awards.  If the correction involves the cost, or a portion of the cost, being moved onto another grant, it must be allowable, allocable, reasonable and necessary for that grant, otherwise, it must be posted to a local/non-grant fund.  It cannot be moved to another grant for convenience.
  • Use the information in General Ledger to be aware of department’s available resources and as a tool for using resources for maximum effectiveness
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