For Winona State departments, budgets are allotted each fiscal year (July 1 through June 30) in accounts called cost centers. Each cost center has a designated university employee, typically the chairperson or director, who is responsible for managing cost center funds.
Monthly reports should be printed by departments and accounting entries for things such as student payroll, travel expenses, purchases, etc. should be verified for accuracy. If an error is noticed, the Business Office should be notified immediately so that any discrepancy can be investigated and resolved.
The two reports that should be printed each month are Budget Balances (AC0512CP) and Transactions (AC0531CP) lists.
Budget Balances by BAT: Fund/Campus/GL (AC0512CP)
This report summarizes the status of the cost center.
The columns on this report include:
Budgets are categorized into line items identified by object codes. These four-digit numeric object codes define the types of expenditures and revenues
In general, object codes are grouped:
Transactions by Fund/GL/CC/Object (AC0531CP)
The transaction list includes details of all transactions for the specified time, sorted by object code. Each transaction is assigned a serial number that refers to the documentation in the business office files.
The transaction types are:
Guidelines for Reviewing Month-End Reports
It is recommended that month-end reports are reviewed each month to ensure that any errors are detected and corrected promptly. Retain copies of source documents such as purchase orders, 1400 forms, service center requisition forms, etc.
Review Budget Transfers:
Verify budget transfers have been processed. Look for "CB" entries on the transaction list and make sure amounts and object codes match your records. If there is an error, please call the Budget Director. Compare the total at the bottom of the Current Budget column on the Budget Balance Available report to the total on the report for the previous month. If they are different, make sure you can account for the change.
Verify payments have been processed. Look for "PV" or "EV" entries on the transaction list. Contact Accounts Payable if there is an error on a transaction.
Review Service Center and Student Payroll Entries:
Look for "JC" and "JG" entries on the transaction list. Most of these will be for charges incurred at on-campus service centers, such as Print Shop, Central Stores, Motor Pool, etc. For most of these charges, you should have documentation to which you can compare charges. For some charges, such as postage charges, it may not be worth it to try to check each of these. However, all of the JC and JG charge back entries should be reviewed for reasonableness and appropriateness. For example, if there are telephone charges for a number you do not recognize or motor pool charges for someone not in your department, contact the person in the Business Office in charge of Cost Allocation to make inquiries. You may be asked to contact the service center directly for further clarification. Check student payroll transactions for accuracy; if a problem is detected, contact the Student Payroll Manager.
Review Travel/Business Expense Reimbursements:Match "PR" transactions to your copies of employee reimbursement forms. Contact the Travel Director if you notice any discrepancies. Keep in mind that these reimbursements follow the payroll cycle and deadlines, and they are generally posted to your account during the week after the payday on which they appear on the employees' paychecks.