欧美口爆视频 this Policy
Monthly Closing & Reporting
Policy Number: 21102
Effective Date:
Dec 12, 2017
Last Updated:
Responsible Office:
UM 欧美口爆视频 Controller鈥檚 Office
Responsible Administrator:
UM 欧美口爆视频 Controller
Policy Contact:
UM 欧美口爆视频 Controller’s Office
Categories:
- Finance
Menu:
- Scope
- Reason for Policy
- Policy Statement
- Definitions
- Accountabilities
- Forms
- Related Information
- History
- Procedure
Scope
This policy applies to responsibilities around monthly closing and reporting of the 欧美口爆视频’s financial operations.
Reason for Policy
This policy establishes the 欧美口爆视频’s process for closing the monthly accounting period and related financial reporting to ensure the integrity of financial data within the general ledger.
Policy Statement
The 欧美口爆视频’s reporting period for financial purposes is on an annual basis ending June 30th. The financial records are in accordance with Generally Accepted Accounting Principles (GAAP). Monthly financial records are maintained with transactions created, edited and posted on a daily basis. At the end of each month, the UM 欧美口爆视频 Controller’s Office performs various functions to close the current month’s accounting period.
During the closing process, the financial records are validated for assurance all journals have posted and have been balanced. Certain tasks are performed by the UM 欧美口爆视频 Controller’s Office to ensure appropriate expenses have been accrued and revenue has been recognized in accordance with GAAP.
Once the closing process is complete the UM 欧美口爆视频 Controller’s Office generates a set of financial reports for review by 欧美口爆视频 and Campus Leadership.
Definitions
Accountabilities
UM 欧美口爆视频 Controller’s Office:
- Ensure all transactions are posted and balanced prior to closing the current accounting period.
- Ensure any applicable accruals and receivables have been posted prior to closing the current accounting period.
- Produce a set of financial reports assessable to 欧美口爆视频 and Campus Leadership.
Campus Division of Finance:
- Monitor daily activity for edit and budget errors to ensure all transactions are posted within the correct accounting period.
- Annually, provide signed sub-certification letter to Office of Controller attesting to accuracy of financial records.
Additional Details
Forms
Related Information
Policy 21101 on Fiscal Responsibility
Policy 21105 on Internal Controls – Sub-Certification Process
History
Formerly Accounting Policy Manual 3.40 – Month End Closing (revised 5/14/2007)
Procedure
Reviewed 2017-12-06