Financial Review and Analysis

Description:

Course providing guidance for Chief Business Officers performing Financial Review and Performance Procedures

Format:

Self-Service in the OneSource Knowledge Base

Responsible Party:

The Chief Business Officer for each school, college, or administrative unit is responsible to implement a process for review and analysis of budgets and financial transactions.  The process should be conducted to ensure reasonableness and accuracy of financial transactions recorded in the University’s financial systems and be conducted within 30 days of the prior month end. 

This review occurs through several mechanisms including:

• transaction level review and approval

• routine monitoring of financial transactions (on year-to-date transactions), and

• a monthly review of the budget status using generated reports or corresponding data analysis from the financial system of record (monthly).

A minimum standard of review and analysis is outlined below.  Chief Business Officers may determine if additional steps are needed to ensure reasonableness.

Course Presentation

Financial Review and Analysis Presentation

Course Recording

Financial Review and Analysis Video

Course Resources

OneSource Financial Review and Analysis Resources Page

Financial Review and Analysis Procedures

Financial Review and Analysis Guide

Recommended Approach to Identify and Resolve Budget Checking Errors

Financial Systems Reconciliation Procedures (only applicable to the systems identified in the Procedure document)

Journal Error Codes Quick Reference Guide

Chart of Accounts Code Structure

Unit Task List - version 7.31.19

Fiscal Master Calendar

Reviewing Journals for Approval