Departmental Financial Management Guide
Cash is paid out from the university as a means of achieving the goals of the university. Examples of cash paid out from the university include:
Every payroll and accounts payable cash disbursement transaction is preceded with an accrual transaction. The accrual transaction generates a credit to a liability account on the balance sheet, and a debit to the FOPPS-Account combination designated on the source document. The cash disbursement transaction is processed subsequent to the accrual transaction which results in a debit to the liability account entered on the accrual transaction and a credit to the cash account on the respective balance sheet.
On every cash disbursement transaction, a FOPPS-Account combination is indicated to record the charge (debit). The transaction then appears on the monthly Financial Detail report. It is the department’s responsibility to reconcile all details from the source record/document for the disbursement to the information appearing on the Finance System monthly detail report. This includes verifying that:
Contact your area accountant for assistance with understanding the disbursement information appearing on the monthly financial statements.
Maintain a record of all over/short balances. This should be included on the daily cash balancing forms using account 552630 – Cash Over/Short.