1.7 Accounting Periods
The accounting periods will consist of twelve (12) monthly periods that coincide with calendar months, with twelve (12) monthly periods constituting the accounting year. Depending upon the accounting system software utilized, other specialized periods may exist due to software concerns.*
* Note: Institutions using the PeopleSoft Financials software also will have period 0 that contains beginning balances. Other periods may be available as approved by the USO.
1.7.1 Accounting Year
A reconciliation should be done between the various balances maintained in the Human Resources/Payroll System and the cumulative balances maintained in the financial records. This should include all salaries and payroll deductions. The reconciliation should be done at least quarterly. Documentation confirming these reconciliations should be maintained in the institution’s files for at least three (3) years.
Care should be exercised to insure that balances in payroll deduction agency accounts in financials do not become debit balances by disbursing more than is delivered from the deductions transmitted from the payroll system. Prior to fiscal year end, analysis with appropriate action must be accomplished to prevent debit balances from occurring in agency accounts on the Annual Financial Reports.
1.7.2 Monthly Closing of Accounting Record
Accounting records shall be closed at the end of every calendar month, no later than ten (10) business days after the end of the month. After all required adjusting journal entries have been made, all allocations processed, all interfaces from other software systems posted, and required reports processed, the accounting records for that month should be closed.*
* Note: Institutions using the GeorgiaFIRST model of the PeopleSoft Financials software should follow the instructions provided for closing the prior accounting period.
1.7.3 Year End Closing of Accounting Records
The closing of the accounting year shall be accomplished by the date established by the Office of Fiscal Affairs – Accounting and Reporting each year. This shall include all required adjusting journal entries entered, all allocations processed, all interfaces from other software systems posted, and all required reports processed to prepare the system-generated annual financial reports. Requests for extensions should be made to the Office of Fiscal Affairs – Accounting and Reporting.