SECTION VI
ACCOUNTING REPORTS
This section of the manual describes the information provided for State Purpose and Income Fund Reimbursable accounts in the monthly departmental accounting report package issued by the College Accountant. The reports are normally received by departments during the second week of each month and provide information on the activity affecting the accounts in both summary and detailed formats. The reports enable account managers to monitor account activity as well as provide a means to reconcile accounting records to those maintained by the department to ensure accuracy and that transactions were processed as expected. The reports should be saved to provide a complete history of all activity that occurred in the account during the year.
The reports provide financial information critical to the monitoring of an account's activity. Full understanding of the reports, however, will only come through continual usage of the reports and by tracking transactions processed through the account. The College Accountant is available to assist department staff in understanding the reports and will meet individually with users to provide detailed explanations.
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Departmental Reports - All Accounts
The standard set provides account managers with a record of all the financial activity recorded by the Accounts Payable Office for the report month. It is the responsibility of each account manager to ensure that activity that occurs within the account is appropriate and that no transaction is processed against an account without the approval or notification of the account manager.
The monthly accounting reports detail all transactions that are processed against an account. Therefore, they provide the account manager not only with the means to evaluate the fiscal position of the account, but also with the ability to review individual transactions to ensure they were processed as expected.
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Departmental Reports - Income Fund Reimbursable
IFR accounts are monitored both for allocations and fiscal condition. Allocation is assigned to each account based on annual budget plans. The fiscal condition of an account is determined by its cash position, adjusting for future commitments and accounts receivable.
Although allocation gives an account the authority to spend, the allocation is given based on the assumption that the account's revenue will support the expenditures incurred. Cash deficits are not allowed within IFR accounts and the IFR reports provide account managers with an excellent means to monitor an account's activity and be able to take corrective action if the projected activity does not develop as planned.