After the process of payment, Expense Reports (EXP) are created to process P-Card charges and reimburse out of-pocket expenses incurred while conducting University business. Spend Authorizations are also cleared via the Expense Report process. The expense reports are typically included Business meals, Travel costs, Purchase of goods, etc. the university could design an expense report system both in-house and outsourcing programs e.g., quick book, excel. 

• See Expense Report Checklist

• See Examples of Expense Report Programs as the following:

Reconciliation is the process of comparing transactions and activity to supporting documentation (University of Washington, n.d.), mostly on a monthly basis. Reconciling also entails settling any differences that might have been found. The process of reconciliation guarantees the reliability and accuracy of financial data. A proper reconciliation procedure also makes sure that no illegal changes were made to transactions while they were being processed. Some universities are using the term Budget Report Comparing to Actual (UFS).

• see example of Reconciliation Report

• see example of Monthly Reconciliation Checklist

The university can select certain parameters, whether it is the source of funds, cost centre, and transaction code, when running the report, which will allow the user to focus on a particular area. The report will show information as the following (University of Cambridge, n.d.):

• Current financial year expenditure. (There should be no income on any Chest source of funds).

• Annual, year-to-date, and monthly budgets.

• Overall variance -- (1) The cost is more (or less) than budgeted, (2) Planned activity did not occur when expected, (3) Change in a planned activity, (4) Error/Omission 

Transfer of Funds (TF) is a document that is used to record the movement of cash between accounts. A TF document should be used for internal departmental transactions unless billing is for more than $100,000 worth of goods or services. The Transfer of Funds document is frequently used to pay an overdraft, cover an expense incurred by an account, offer a subsidy, transfer funds to shutter an account, complete a funding commitment, or charge for goods and services totaling $100,000 or less. Here are a few frequent university transfer examples. 

Cash balance accuracy at the account, organization, RC, and campus levels depends on accuracy and proper usage of Transfer of Funds records. The account and the fiscal officer's ability to make decisions can be impacted by inaccurate cash positions. A fiscal officer might, for instance, make cash pledges they are unable to keep if cash is exaggerated. 

There are two kinds of transfers, mandatory and non-mandatory. 

• Mandatory transfers are necessary to uphold contractual obligations; non-mandatory transfers are optional. These transactions are identified by specific object codes. Transferring designated student fees to the retirement of an indebtedness sub-fund group for bond principal and interest payments is an illustration of this type of transfer. 

• Non-mandatory transfers are cash distributions between entities that are not mandated by legal contracts. For example, a dean agreeing to donate $500 to a department in support of a mission without expecting payment. The majority of transfers are non-mandatory and include. 

Bailey, H. (2015, July 23). Monitoring and controlling budgets. Finance Division. Retrieved May 2, 2023, from https://www.finance.admin.cam.ac.uk/policy-and-procedures/financial-procedures/chapter-2-budgetary-planning-control/monitoring-and 

Division of Research. (2019, January 25). Monitoring your account. University of Nevada, Las Vegas. Retrieved May 2, 2023, from https://www.unlv.edu/research/osp/monitoring-account 

Office of the University Controller. (n.d.). Transfer of funds. Retrieved May 2, 2023, from https://controller.iu.edu/compliance/fiscal-officer/accounting-standards/kfs-financial-processing-documents/transfer-of-funds