Monthly Financial ReportsRevised: February 06, 2013
Monthly Financial Reports are available on the internet at any time to account custodians, their supervisors, and other designated individuals. The proper use of these Financial Reports along with the General Ledger is vital to Account Custodians and Supervisors in meeting their fiscal stewardship responsibilities. The responsibilities of Account Custodians include (1) proper expenditures of funds, (2) compliance with record keeping requirements of the University, (3) keeping expenditures within the authorized budgetary limits, and (4) generation of expected revenues, if applicable. The next higher level of supervision is responsible for supervisory control and review of financial operations.
The Account Custodian should review Monthly Financial Reports each month. The verification of each transaction in the General Ledger may be assigned to another person. An electronic record will be kept of each time a report is accessed on the internet and is subject to monitoring by Financial Services and Auditors.
- Financial Reports are accessed on https://dep.byui.edu/GLEReports/GLERptsSpr.asp. All Financial Reports to which an employee is authorized to view will be listed. Only Financial Reports will be on the selection screen. Once a specific report is displayed, the viewer can drill down to individual transactions by clicking on the amount desired. This includes transactions on the General Ledger, Budgets, and Encumbrances. From the General Ledger transactions screen, details of Long Distance and Cell Phone charges can be accessed. The various reports and supporting detail can be printed on a network printer if a separate print queue has been set up. Otherwise, the screen print can be used.
- The default month is the most current month which has been closed; however, any month may be selected, including the current month. Once a month is closed, no more transactions can be posted to that month. The current month includes only those transactions which have been posted at the time of viewing.
- The Financial Report for the last month of the year (December) is also the report for the entire year. Account Custodians will be notified when all transactions for the year have been posted. They will then have time to make a final review before December and the year are closed. The custodians should immediately make a final review when they are notified and contact the Accounting Office about any needed corrections. Once the year has been closed, no more transactions can be made.
- Financial Reports come in different formats, depending upon the function of the department or account and the choice of the account custodians. Custodians should visit with the Accounting Office if the current format is not meeting his/her needs.
The format for appropriated (budgeted) accounts which is used the most has two sections which are:
- Unit Controlled Expenditures are under the control of the custodian. Money budgeted in one category can be spent out of another category.
- Unit Controlled-Restricted Expenditure restrictions exist in each of the categories.
The format for revenue producing accounts is called Statement of Operations and includes two main sections; i.e., Revenue and Expenses. Other formats have further breakdowns into different types of expenditures. Summary reports also exist.
Other formats exist for different types of accounts, including summary reporting formats.