Managing journals and transfers - Process controls

1. Managing journals and transfers overview
2. Identify transaction and prepare journal 
3. Manage evidence
4. Journal approval
5. Review
6. Process controls

Process controls

The Head of Administration and Finance has overall responsibility for ensuring that departmental accounts are accurate and correct with expenditure charged promptly, coded accurately and managed in line with University regulations, policies and processes and any additional terms and conditions (e.g. from research funders, donors or as part of a trust fund).

The controls that are embedded in the processes are listed below. 

Segregation of duties

No one member of University staff should complete all steps in the process – this is a key financial control. Ideally, segregation is embedded in the process by the journal or transfer being approved by a different person than the creator of the journal. 

However, adequate review should be undertaken to confirm the appropriateness of journal. For projects, UO Journal Activity Report and UO Transfer Activity Report can be used; for general ledger income and expenditure reports and transaction listings, e.g. UO GL Transaction Listing Report, can be used.

Delegation of authority

All journals are approved on the basis of evidence by an appropriate member of the University who has been delegated authority to do so. 

Review

Adequate review of month-end reports should be undertaken to ensure that all costs are accounted for in the right place and right period.