Slide 1 FastFacts Feature Presentation May 8 th, 2008 We are using audio during this session, so please dial in to our conference line… Phone number: 877-322-9648.

Slide 1

FastFactsFeature Presentation

May 8th, 2008

We are using audio during this session, so please dial in to our conference line…

Phone number: 877-322-9648 Participant code: 182500

Slide 2

Today’s Topic

We’ll be taking a look at…Monthly Account Reconciliation GuidelinesRecords Retention

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Today’s PresenterShari SwisherManager of Special Projects and Training, Financial Systems Administration, Controller’s Office

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Session Segments

PresentationShari will provide an overview of account reconciliation processes since the implementation of HopkinsOne SAP.During Shari’s presentation, your phone will be muted.

Q&AAfter the presentation, we’ll hold a Q&A session. We’ll open up the phone lines, and you’ll be able to ask questions. Shari will answer as many of your questions as time allows.

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Contact Us

If you would like to submit a question during the presentation or if you’re having technical difficulties, you can email us at: [email protected] can also send us an instant message!

GoogleTalk – [email protected] Instant Messenger – HopkinsFastFactsMSN – [email protected]

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Survey

SurveyAt the end of this FastFacts session, we’ll ask you to complete a short survey. Your honest comments will help us to enhance and improve future FastFacts sessions.

Slide 7

Account Reconciliation and Records Retention

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Agenda

Today, we’ll be taking a look at:The purpose of Account Reconciliation

Why we reconcileWho is responsible

Records Retention guidelinesUsing the Account Reconciliation GuideIdentifying business processes and transactions for reconciliationRisk based approaches to reconciliation

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Account Reconciliation Overview

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Why Should You Reconcile?

Reconciliation is a critical internal control measure.Our goal is to assure that expenditures are:

Correctly chargedAllowable for the cost objectAllocable to the cost objectAppropriately approved and documented

Accomplish timely corrections of errors.

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Who Is Responsible?

Administrative reviewReconcile sponsored and non-sponsored accounts monthlyReview control salary cost objects after each semi-monthly pay

Include actuals and commitmentsDocument the review process

Principal Investigator reviewReview account activity after reconciliation is completedQuarterly review is suggested

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Records Retention

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Records Retention Requirements

Financial records (electronic and paper), supporting documents, statistical records, and all other records pertinent to a sponsored award or tax return, shall be retained for a period of seven years from the date of submission of all deliverables.

Financial reports, patent reports, technical reports, and equipment reports are all examples of deliverables.

Next we’ll look at the responsibility of the Controller’s Office, Research Administration, and the Department.

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Controller’s Office

Documents maintained by the Controller’s Office include:Expenditure statementsValidated deposit documentsJournal vouchersApproved cost transfers, payroll and non-payrollSupporting documents for disbursementsEffort reportsFinancial reports and invoices sent to SponsorsScanned copies of documents residing in SAP:

Online payment requests for non-purchase order paymentsRecurring payments

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Research Administration Offices

The Research Administration Offices retain records that include:

Original award documentationAll award modificationsPrior approval documentation

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Departments

Departments must retain: Original proposals and budgetsTechnical reports submitted to the SponsorEvidence of monthly reconciliationOriginal documentation (packing slips and receipts) supporting all Procurement Card and American Express expendituresEvidences of goods receipt (packing slips and receipts) for all non-Procurement Card expensesOriginal documentation for travel expenses

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Getting Started

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Become Familiar with Resources

Controller’s Office Website

Quick Reference Guide

Links to BW Reports templates located under HopkinsOne Information

Shared Services Websites

Click here to access the Guide.

www.controller.jhu.edu

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Account Reconciliation Guide

Review the Account Reconciliation Guide.

Processes are listed by chapter.

Includes view of reports in BW and transactions in R/3.

Helpful appendices.

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What Is Covered in the Guide?

Topics include:

PayrollSupply ChainProcurement CardsNon-purchase Order PaymentsTravel & Expense Reimbursements

Cost TransfersE210 Vacation CreditsRevenueInternal Cost AllocationsNet Assets & Fund Balance Carryover

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Review What to Reconcile

Payroll and Fringe Benefits, Fellowships

Procurement Card Postings Online Payment Requests Travel Reimbursements and

Advances Internal Cost Allocations Service Centers Master Data- F&A, Budgets Revenue

http://www.controller.jhu.edu/acct_recon/acct_reconciliation_guide/Appdx_2_Reconciliation_Quick_Ref.pdf

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Gather Materials

Review the prior month’s reconciliation.

Print the pertinent BW reports.

Use the statements received by email.Run reports in BW.

Use pre-formatted reports available online:

www.controller.jhu.edu

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Review Postings

Review postings and match to back up documentation.

Check off each line item and attach necessary receipts and documentation.

Research discrepancies and missing documentation.

Initiate and document corrections (cost transfers, etc.) as necessary.

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Final Steps

Document the completed reconciliation.Signoff should include:

Listing of cost objects reviewedTransactions reviewed (when responsibility is shared with someone else)Month being reviewedCorrective actions taken—cost transfers, etc.Date completed

Save documentation for reference. Discuss the reconciliation with the Principal Investigator. This process will vary by department.

Slide 25

Looking Forward

Our approach becomes more risk based. Transactions with stronger internal controls require less scrutiny.Workflow helps to validate expenses before they are incurred.

As improvements and enhancements are developed, reconciliation processes will be modified and streamlined.

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Q&AWe’re going to open the phone lines now!There will be a slight pause, and then a recorded voice will provide instructions on how to ask questions over this conference call line.We’ll be answering questions in the order that we receive them.We’ll also be answering the questions that were emailed to us during the presentation.If there’s a question that we can’t answer, we’ll do some research after this session, and then email the answer to all participants.

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Thank You!

Thank you for participating!We would love to hear from you.

Are there certain topics that you would like us to cover in future FastFacts sessions?Would you like to be a FastFacts presenter?Please email us at: [email protected]

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Survey

Before we close, please take the time to complete a short survey.Your feedback will help us as we plan future FastFacts sessions.Click this link to access the survey… http://connect.johnshopkins.edu/fastfactssurvey/

Thanks again!