Managing journals and transfers - Review

Review of income and expenditure reports or transaction listing and review of balance sheet reconciliations underpin these checks; for example, high level review may reveal variances resulting from incorrect journals. 

In addition, where transactions relate to trust funds, these should be reviewed by the Board of Management responsible for the relevant fund.

The UO Journal Activity Report and UO Transfer Activity Report produce a list of journals and transfers respectively. These reports are included on the Month-End Dashboard. It is recommended that managers review them on a monthly basis to confirm the appropriateness of journals.

It is possible that departments operate an approval process whereby the details of a journal or transfer to be made is approved in advance but not the journal or transfer itself. These reports are then used to confirm that the approved change has been correctly implemented within Oracle Financials.

If a robust approval process is in place, departments may take a risk-based approach to checking journals and transfers, focusing attention on high value items and unusual items (based on expenditure type or description).

Checking journals may also form part of the regular review of the UO Project Status and Activity Report or UO Actual Expenditure Enquiry Report.