Information center for the Ledger Review process in KFS.
Introduction
Ledger Review is the process of analyzing your department's ledger transactions to provide reasonable assurance that the charges and credits are valid. In addition, the reviewer verifies that transactions are appropriate and that they are compliant with all applicable policies and regulations. Ledger review differs from the financial management of your account(s).
As a recipient of funds from a variety of sources, the university must demonstrate to public and private organizations, taxpayers, donors, and anyone else who provides us with funding that we are using the money as intended. Ledger review impacts the university's annual financial schedules and provides accurate information for further financial analysis to occur at higher departmental, divisional, school, and college levels.
The official university ledgers consist of the FIS Decision Support Transaction Listing (2) and the Payroll Expense Distribution Report (339).
Policy:
What are the reports?
1. The Analytical Ledger Review (ALR) (403) report in FIS Decision Support (DS) is a mandatory monthly review for fiscal officers.
Who can complete: Fiscal officers are the ONLY ones who can complete the monthly ALR.
Fiscal officers perform an analytical review of general ledger transactions rather than a line by line document review. They review payroll/benefit entries to ensure they are valid and in the proper account. They perform budget to actual comparisons by expense category as well as month-to-month comparisons of expenditures for campus recharges and other high risk areas. Overdrawn accounts also need to be reviewed monthly.
In order to effectively perform the above functions, the fiscal officer must be knowledgeable of the account and its purpose. They must understand all relevant policies and procedures. In order to maintain proper separation of duties the fiscal officer cannot be the PPS/OPTRS primary preparer or mandatory reviewer on any of the accounts to which they are assigned as a fiscal officer.
2. The Management Ledger Review (MLR) (404) report in FIS Decision Support (DS) must be reviewed monthly by MSOs/CAOs/Managers.
Who can complete: The MLR is completed by the person listed in the MSO/Manager Name field on the Organization document (in the Organization Management section) for the specific organization.
This report provides a summary level view with the ability to search by various attributes, including organization code and fund. The report indicates whether the ALRs have been reviewed or not. The report also lists accounts in overdraft, identifies high value transactions, and provides a summary of revenues and expenditures.
3. The Dean/VC Quarterly Ledger Review (QLR) (405) report in FIS FIS Decision Support (DS) must be reviewed quarterly by dean/vice chancellor offices.
Who can complete: The QLR is completed by one of the following persons listed on the Organization document in the Organization Management section:
- Assistant Dean/Associate VC
- Dean/VC Budget Analyst
- BIA Analyst
Note: Charts H, M, N, and P do NOT use this ledger review system and continue to follow their existing practices.