Budget and Finance - Frequently Asked Questions

How can I see a copy of a journal entry that has hit my Statement of Activity?

How do I look up payment information for Non PO Voucher or PeoplePay payments for individuals that have been paid through Procurement?

How do I look up a Vendor ID?

How can I look up a shortcode (chartfield)?

Where can I find a list of account codes?

Financial Operations provides a list of all account codes. (this list is updated periodically) http://www.finops.umich.edu/ - go to "Valid Account List" for the spreadsheet containing all valid account codes, descriptions, and account groupings.

Why do our monthly financial statements have to be signed and returned?

This is an important internal control tool that helps insure accountability and responsibility with regard to managing a unit's finances.

How do I determine what my financial statement projections should be?

Financial projections are your best estimate of what you expect your financial picture to look like at the end of the fiscal year (June 30th). Good projections are based on current actual year-to-date information along with your best estimate of what will have in the remaining months of the fiscal year.

What is the correct process for reconciling my financial statement and statements of activity?

Statements of activity should match source transactional documents that represent an unit's financial activity. Once all source documents are checked to make sure they match the statement of activity (SOA), the SOA should then be compared to the unit's financial statement to make sure they match. This process should occur monthly and inform the Director as they certify their monthly financial statements.

How often am I required to deposit cash, checks, money orders, etc. that are received in my department?

It is best to deposit all cash, check, money orders, etc. on a daily basis and always if the total exceeds $100. When not depositing daily, all receipts must be kept in a locked, secure location until the deposit is processed.

What signatures are needed on documents that come from my department to the Business Office?

The standard rule is that all documents coming to the Business Office for processing require, at least, the unit Director's signature. Additional signatures may be required depending on the type of transaction.

Why do the documentation requirements indentified in University SPG's differ from those listed in DSA policies and procedures?

The University SPG's are broad guidelines intended to provide a framework for the entire institution. All schools, colleges and divisions are entitled to employ more stringent requirements within their organization as long as they are in alignment with the broader University guidelines.

How do I get a correction made to my monthly financial statement?

After determining appropriateness and necessity, a journal entry should be processed for the correction using the blank JE template. Make sure you use the exact chart fields that appear on the Statement Of Activity (SOA) when you are correcting or transferring a charge, otherwise the transaction may not be fully corrected on your department's SOA. Gather supporting documentation (statement of activity, email, etc), obtain department approvals, save and name the Blank JE template and email to DSA Financial Specialist for upload process.

What does "appropriate separation of duties" mean?

"Appropriate separation of duties" means that in certain key processes, the same person should not be responsible for the entire span of actions from beginning to end. For example, when handling cash, the same person should not be responsible for receiving the cash, preparing the deposit, taking the deposit to the cashier's office and reconciling the deposit to appropriate financial records. This kind of arrangement creates an opportunity for bad things to happen.