Holiday Closure
Our offices will be closing at 1:00 p.m. on Wednesday, July 3rd in advance of the July 4th holiday and will reopen Monday, July 8th.
Our offices will be closing at 1:00 p.m. on Wednesday, July 3rd in advance of the July 4th holiday and will reopen Monday, July 8th.
The intent is to reasonably ensure that financial transactions are accurate, reliable, and in compliance with all applicable regulations, policies, and restrictions.
There are three components to the Financial Review and Approval Process:
Financial review and approval occurs at the transaction level. Examples of transactions at the University of Colorado include PeopleSoft Finance System Journal Entries, Procurement Card Expense Reports, and CU Marketplace Requisitions.
When reviewing a financial transaction, the reviewer and approver must ask the following questions. (Note: The reviewer and approver may be different individuals, however, each of them needs to be asking the question.)
The financial report review process is a key control to ensure all fiscal transactions are properly recorded in the Finance System and to detect fiscal misconduct. The fundamental components of this process include:
To complete a Financial Report Review, the fiscal staff responsible for reviewing the SpeedType(s) must run the m-Fin Financial Detail Report for the month.
Reconciliation is the process of comparing information that exists in two systems or locations, analyzing differences, and making corrections so that the information is consistent in both locations. Reconciliation also includes providing supporting documentation that details items that make up a specific account balance.
All balance sheet accounts must be reconciled at least quarterly, if not monthly.
For assistance in review, reconciliation, and forecasting, use the Reconciliation and Forecasting Template.
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