Account Review Guidelines

LAST UPDATED: April 10, 2015

What You Should Know

Use the Account ChartField to anlayze income and expense, monitor compliance with Fund restrictions and aid in future budget development. FIN005 Budget v Actual and FIN006 Budget v. Actual (A000 Only) provide information about Current and Year-to-Date revenue and expense. FIN011 Account Summary provides summarized, year-to-date view of income and expenses by Account Category.

Click image for larger format

Revenue

Examples of revenue and income include endowment payout, fund transfers and assignments, term gifts, recharge center recoveries. Amounts budgeted in A0000 are not considered income.

Review:

  • Expected income is received and accurately recorded.
  • Income fluctuations compared to prior months, quarter or year.
  • Significant changes in the activity pattern.
  • Fund transfers and assignments to ensure they are accurately reflected and consistent with fund classification rules and Chart of Accounts policies.
  • Sponsored research where review of fund assignments is critically important for monitoring revenue in support of cost share commitments.

Personnel Expenses

Review Labor Accounting Charges

  • Confirm Labor Accounting charges, including graduate student support, are reflected against correct chartstrings
  • Confirm distributions are correct
  • Move any staff that may default to A0000 or A0001 to other funds, if part or all of their compensation is to be covered by other sources.
  • Confirm open encumbrances reflect outstanding unpaid payroll commitments.

Step-by-Step information for how to perform these and other Labor Accounting activities can be found here.

Review Major Payroll Events

  • Confirm terminated employees were removed from payroll.
  • Confirm staff on unpaid leave are not paid.
  • Confirm new charges correspond to approved new hires or exceptional payroll transactions.

Step-by-Step information for how to perform these and other Labor Accounting activities can be found here.

How the Benefits Rate is calculated and applied - see the Employee Benefits Rate webpage.

Non-Personnel Expenses

Non-Personnel Expenses include, but are not limited to, professional services, temporary agencies, travel, copier charges, telephones, offices supplies, food, and printing. These expenses are reflected as a variety of transaction types including: payables, vouchers, purchase orders, credit card transactions, wire transfers, journals, and vouchers.

Review:

  • Major line items such as professional services and travel. Note that the order of importance of expense may differ depending on the departments.

 

CONTACT US

finance@princeton.edu
Tel (609) 258-3080
Fax (609) 258-0442

Princeton University
Office of Finance & Treasury
701 Carnegie Center
Princeton, NJ 08540

Google Map
Princeton Shuttle

FINANCIAL SERVICE CENTER

7 New South
Tel (609) 258-3080
Fax (609) 258-5040
Open Monday through Friday,
8:45 am — 5:00 pm

SERVICES INCLUDE

Customer service, cashiering,
check pick-up, financial system access

FINANCE NEWSLETTER

The General Ledger is your link to updates on people, policies, and other information related to financial transactions at the University.

Download Current Issue
Download Past Issues
Subscribe

WE WANT YOUR FEEDBACK!

How can we better serve you? Submit comments, questions, and ideas to our customer service department.

finance@princeton.edu