Financial Accounting & Reporting

Role and Responsibilities

This group is responsible for maintaining accurate and reliable financial records for the university and for providing timely, accurate and meaningful financial information and reports. This unit also establishes and communicates internal accounting controls, systems and procedures for the university.

Specific tasks for Financial Accounting and Reporting include

  • overseeing the operation of the Colleague general ledger, including processes, financial accounting reports, and computerized access to accounts and records (in conjunction with Information Technology Services);
  • providing training on how to access data through the Colleague system;
  • establishing and maintaining a logical general ledger structure and corresponding chart of accounts;
  • establishing and monitoring financial accounting controls, including          
         - the validity of financial data in the financial records 
         - the proper interface of sub-ledgers to the general ledger, including reconciling or ensuring reconciliation is performed 
         - procedures related to journal entries and other methods of updating the financial records 
         - appropriate cut-off dates for processing financial transactions 
         - an analytical review of financial records and reports to detect irregularities, errors or variances;
  • advising users of the general ledger on financial accounting procedures and controls;
  • establishing and maintaining appropriate systems and procedures for tracking and accounting for fixed assets, including depreciation processes;
  • preparing and analyzing monthly internal financial statements and reports, as well as annual audit working papers and external financial statements and reports; and
  • performing financial analysis or reviews of projects and initiatives as directed by the comptroller or other senior university administrators.