|Title:||Integrity of Accounting Transactions|
|Policy Owner:||Robin Hoagland|
|Campus Applicability:||All Campuses, except UConn Health|
|Effective Date:||August 19, 2014|
|For More Information, Contact||Robin Hoagland|
|Contact Information:||(860) 486-3780|
REASON FOR POLICY
The financial position of the University must be represented in conformity with Generally Accepted Accounting Principles (GAAP) in the United States of America and the Governmental Accounting Standards Board (GASB).
This policy applies to all staff of the University of Connecticut, Storrs and Regional Campuses. Fiscal staff are responsible for adhering to this policy, and the Accounting Office staff ensure adherence.
Basic accounting principles – follow the accounting equation where assets minus liabilities equal net position. Due to basic double entry accounting, this equation needs to be in balance at all times. Specific types of object code balance types have normal debit or credit balances. For instance, expense object codes have a normal debit balance.
Net position – fund balance in governmental organizations.
Fiscal staff – are generally responsible in their respective areas for financial matters including but not limited to procurement, adhering to budgets, safeguarding assets, and completing transactions in the financial system.
The Accounting Office is responsible for ensuring that all departments follow basic accounting principles when processing accounting entries, and have proper supporting documentation and approval. All submissions of accounting entries by departments must be reviewed and approved by the Accounting Office to ensure they follow basic accounting principles.
Accounting entries are routed to the Accounting Office via electronic workflow for review and approval. These accounting entries include Distributions of Income and Expense, Transfers of Funds, General Error Corrections, Internal Billings, Adjustment/Accrual Vouchers, Journal Vouchers, Indirect Cost Adjustments, Salary and Benefit Expense Transfers, Labor Ledger Journal Vouchers, General Ledger Correction Processes and accounting entries done via collector feeds. In addition, accounting entries of $100,000 or higher must be approved by the Director of Accounting. Certain other approvals may be required such as in the case of UCONN 2000 funds (see Capital Projects Delivery Process).
For more information, please see Learning Tools at http://financesystems.uconn.edu/