Account Managment

(http://www.purdue.edu/sps/)

The ongoing monitoring of account activity and balances.  The timely and accurate process of establishing and closing accounts and the proper recording of financial information into the University accounting system.  

1. ACCOUNT ESTABLISHMENT

   1. Proper classification

   2. Timely establishment

2. BUDGETARY AND BALANCE CONTROL

   1. Fund Center Projections

      1. Mathematically accurate

      2. Based on current information

      3. Based on current information

      4. Completed in a timely manner, as appropriate

      5. Utilize standard formats if applicable and available

   2. Maintaining Proper Balances and Controls

      1. Verify account numbers, object code, funds availability, allowability and allocability of the charge, and timeliness (i.e., within project period).

      2. Maintain adequate supporting documentation including allocability.

      3. Process prior approval requests when needed (internal or sponsor).

      4. Maintain positive balances for 010, 012, 014, 018, 120, 700-750, 810, 820 and 840 funds.  Maintain balances for self-supporting funds within established guidelines – + or - $5,000 or + 10% of income.  Maintain balances for 011 and 500-699 funds in accordance with SPS guidelines. 

      5. Process adjusting or correcting documents, as needed, to comply with account management guidelines.

      6. Verify appropriate approvals are obtained.

      7. Process gifts via electronic Form 44.

      8. Ensure Cash Handling Plan is in place and process is followed, if appropriate.  Process cash receipts within the guidelines as established by the University. 

      9. Maintain records retention per the established policy.

      10. Follow the established University policies for:  Accounts Payable, Compensation and Benefits, Human Resource Services, Payroll, Purchasing, Sponsored Programs, Travel and Purdue Research Foundation. 

   3. Cost Centers/Rate Request

      1. Apply appropriate format for rate approval request.

      2. Calculate rates based on projected expenses/anticipated productive hours or units of service, including:  Salaries, fringes, fee remits, S&E, travel, equipment depreciation and current approved overhead for external users.

      3. Maintain balances within established guidelines + or - $5,000 or + 10% of income.

      4. Verify allowability of charges.

      5. Process subsidy documents quarterly or in accordance with plan.

      6. Review rates annually or more frequently if warranted.

      7. Provide projections as needed.

      8. Process billings by monthly deadlines.

3. TRANSACTION CONTROL

   1. Document Preparation and Auditing

      1. Accurate

      2. Timely

      3. Allowable

      4. Allocable

      5. Reasonable

      6. Complies with University and sponsored guidelines

4. CLOSE-OUT MANAGEMENT

   1. Monitor account activity as project nears expiration.

   2. Close dormant, inactive and expired accounts in a timely manner.

5. REPORTING

   1. Advise/Guide Department, Principle Investigator, Staff, Directors and School Business Manager

      1. Provide Principle Investigators with current financial situation and funding issues.

      2. Provide Department Heads with financial reports.

      3. Provide Dean and School Business Office with reports, as requested.

      4. Inform School Business Manager of potential and known funding problems.