Kentucky State University Business Policies and Procedures Manual

• Data entry validator
• Senior Accountant, Controller, CFO (for journal entries prepared by the Controller)

Required documents and access:

• Banner

Frequency and timing:

• Daily

Steps:

If the approval queue includes more than one level, the first reviewer may validate data entry only. If there is only one approval level, the approval must validate the data entry and approve the journal voucher.

• First level reviewer checks each transaction and the supporting documentation for accuracy and completeness, ensuring that the:
• Next level reviewer checks each transaction for reasonableness. This approver must understand the journal entry to ensure that it appropriately reflects the intended transaction and complies with reporting standards.
• oTransaction date is in the correct accounting period.
• oDebit and credit account descriptions are appropriate.
• oDocumentation supports the amounts, dates, and accounts.
• oDocument text summarizes the purpose of the transaction.

Month-End Closing

Responsible position(s):

• Controller
• Finance and accounting staff – see Month-End Checklist

Required documents and access:

• Banner

Frequency and timing:

• Monthly, by the 15th of the following month, following the sequence noted in the steps

Steps:

Follow the CHECKLIST (see procedures for each section) to make sure all departments have completed their closing steps summarized below. The steps before the soft close can be completed concurrently after month-end, before the 10th of the month.

• Controller:
• oSend out a reminder email with a link to the workpaper checklist for the month.
• oAnalyze preliminary trial balance for unusual account balances.