Ensure that charges billed to an account are appropriate for the type of cost center.
Reconcile PeopleSoft Cost Center statements online.
Verify that the expenses charged to the cost center are correct..
Verify that backup documentation is on file for expenses billed to the cost center.
Follow-up with other departments/vendors if a charge is billed against the cost center and is not correct.
Complete IDT if necessary to move incorrect charges. (IDTs are still used to move incorrect charges that occurred before the PeopleSoft transition; however, any incorrect charges after the PS transition must be corrected at the source by the person who entered the transaction.)
Ensure the cost center statements are approved online by the employee who reconciles the statement and by the reviewer. All monthly statements must be reconciled and approved, even if you are using Quicken or Excel to track your expenses.
Track expenses so that you know your current account balance - use Excel, Quicken - whatever works for you. Please note: one goal of the PS system is to get away from these types of shadow accounts.
Verify that you have enough funds in the appropriate account code in PS before submitting purchasing requests.
Check your cost centers in PS and take care of deficits as needed. Ways to resolve deficits caused by internal billing errors:
Budget Transfers - used to move funds from another cost center or account subcode to cover the deficit
Payroll Reallocations - used to move payroll expenses to another cost center - requires a PAF with all of the approval signatures of a usual HR form. If a payroll reallocation occurs on a grant, the reallocation must match the Time & Effort Certification Reports submitted by the PI to Contract & Grant Accounting.
Maintain documentation on cost centers per Records Retention Schedule and request permission to destroy records as needed
Each cost center has a single, designated funding source (i.e. state funds, tuition, student fees, gifts, etc.).
Do not deposit sales revenue into anything other than a sales cost center - it should never be deposited into the departmental state or tuition cost centers.
Do not deposit new gifts into endowment cost centers - everything in the endowment cost centers has to be tracked separate from non-endowment funds.
Each cost center also has a designated purpose: instruction, administration, research, public service etc. All expenses billed to the cost center must be in accordance to the purpose of the cost center.
The federal Sarbanes-Oxley act requires expenses to be billed to accounts during the same fiscal year in which they occur. This means it is illegal to intentionally hold on to receipts in order to bill them against the following year's budget. Obviously, there is some lead way with expenses which take place during the year-end close out in August. Contact Procurement if you have questions regarding this policy.