Each department is responsible for verifying the accuracy of the charges and credits on the monthly statements. An Open and Closed Filing System should be used by each department in verifying these entries. Managers and stewards are discouraged from keeping separate bookkeeping systems. The maintenance of a separate system is time-consuming, and it often will not agree with the official financial records of the University.
- A copy of all completed CPOs, Invoices, Check Requests, Purchase Requisitions/Purchase Orders, Travel Reimbursements, etc. should be placed in a file named "Open File." These copies contain the charges which have not yet been recorded on the monthly statement.
- When the monthly statement of the General Ledger is received, compare all charges (and credits) on the statement with the copies found in the Open File.
- Place a check mark on the statement of those items which agree with the document in the Open File. Then place the document in a file labeled "Closed File." You may want to indicate on the document the month in which the charge appeared on the monthly statement.
- If the amount of a charge on the monthly statement disagrees with your copy of the document in the Open File, call the other department. If you have any question about a charge on your monthly statement, call the Accounting Office. If nothing is heard from a department, the Accounting Office will assume that the charges are correct.
- As long as a document remains in the Open File, it has not yet been processed and posted to the General Ledger Statement. If sufficient time has elapsed for the document to be processed, the Buying Department should contact the Selling Department. If the Selling Department has processed the document, the Accounting Office should be contacted.
- Review of the Open File becomes crucial at fiscal year end. The documents in the Closed File need not be kept after the final General Ledger Statement for the fiscal year has been received and the charges and credits have been properly posted to the General Ledger.
- The current balance in any account can be obtained by taking the last General Ledger Statement and subtracting or adding the documents in the Open File.