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After the accounting period has closed departments will be notified to run the UGL1074 Department Verification Worksheet for the cost center(s) to be verified. See separate instructions for running the Department Verification Worksheets.
The report title and timeframe of the Verification Worksheet are displayed top center. Additional header information includes the report option and request criteria (left) as well as the page, report, id, database and run date/time (right). For combined worksheet, the ranges will be displayed while separate worksheets will list the individual cost center values.
The body of the worksheet is organized into four sections:
Each section has three columns of data. YTD/PDT Per PSGL, Adjustment as Detailed and Per Department.
The YTD/PTD Per PSGL column displays data as it exists in PeopleSoft for the report period. The Adjustments as Detailed column is for entering corrections; only the shaded boxes on the separate cost center worksheets can be updated. Per Department column figures are calculated based on the data in the first two columns.
Click on the Asset_Liab_Fund Equity spreadsheet. Transactions are already sorted by cost center.
For most cost centers, you do not need to verify asset (1xxxx) or liability (2xxxx) account transactions, because they offset a revenue or expense transaction that is already being verified. However, if a department enters asset or liability accounts directly on vouchers or journals, these transactions should be verified. Examples include accounts receivable, inventory, prepaid expense, retainage, and deferred revenue accounts. All fund equity (3xxxx) account transactions should be verified.
In the Verification column, enter N/A (not applicable) for all asset and liability transactions that do not need to be verified. For transaction s that do need to be verified, enter X in the Verified column to indicate the transaction posted to the correct cost center. If any amount is posted incorrectly, enter the adjusting amount in the Adjustment column and leave the Verified column blank.
Expected Results: Asset, liability and fund equity transactions have been verified.
Insert a comment on the spreadsheet for any adjustments. Select the cell with the adjustment amount, right-click your mouse and select Insert Comment.
Type a brief explanation.
To change a command, right-click on the cell with the comment and select Edit Comment.
Expected Results: Explanations have been provided for the adjustments.
Repeat steps 3 and 4 for the Revenue_Expense, Budget Journal, Open Commitment, and Soft Commitments spreadsheets. Below is an example of transactions verified in Revenue_Expense.
Note: You may add transactions for management reporting purposes to the detail spreadsheets, but you are not required to record these transactions as part of the verification process. You are only required to verify transactions that appear on the spreadsheet above.
Expected Results: The supporting detail has been verified and adjusted for all transactions.
Identify which category of adjustment on the Verification Worksheet to transfer the adjustment amounts from the supports from the supporting spreadsheets. The table below indicates which category on the Verification Worksheet corresponds to transactions on the supporting spreadsheet.
Category on Verification Worksheet Asset Liability Fund Equity Revenue Expense Budget Journals Open Commitments Soft Commitments Revenue Budget X Actual Revenue X Budgeted Fund Balance X Expenditure Budget X Actual Expenditures X Open Commitments X Soft Commitments X Beginning Fund Equity X Fund Adjustments X
Expected Results: The category for each adjustment has been identified.
Enter the adjustment totals by cost center and category in the Adjustments as Detailed column. Use the same sign as the adjustment on the supporting spreadsheet (i.e., positive adjustments are entered as positive numbers on the Verification Worksheet; negative adjustments are entered as negative numbers). The adjustment amounts on the Verification Worksheet should match the adjustment amounts on the supporting spreadsheets.
Note: Only the shaded cells for individual cost centers can be updated. The shaded cells for combined cost centers are updated automatically when an individual cost center is updated.
Expected Results: The Verification Worksheet has been adjusted for any corrections or outstanding items.
When all adjustments have been entered on the Verification Worksheet, save the updated spreadsheets and forward the document to the responsible person listed on the Verification Worksheet (Program or Project Manager) for review. There are two methods for documenting review of the Verification Worksheets:
a. Include the total amount of adjustments entered for all categories in the body of the email. For instance, assume that the following adjustments were entered in the Verification Worksheet for different cost centers:
Cost Center 1: Adjustment to Revenue Budget $100 Adjustment to Actual Expenditures (80) Cost Center 2: Adjustment to Fund Transfers $ 50 Total Adjustments $ 70
b. Before Sending the email, go to File and select Properties. Select Read receipt requested.
c. Save a copy of the email sent to the responsible person with the Verification Worksheet and the Read Receipt Requested email that verified the responsible person opened the email to a computer, hard drive, or CD for for the last period of the previous fiscal year and all periods for the current fiscal year for audit purposes.
Expected Results: The monthly verification process is complete.
Last updated or reviewed on 7/11/11