Accounting

Effective Date: 07/01/00

Policy Statement 2: Budget and Expenditure Report


General

The University's accounting system produces Budget and Expenditure Reports for fund accounts which are distributed to the individual who is responsible for funds for specific departments. These reports are distributed each month and cover the transactions for the previous calendar month. The Budget and Expenditure Report is a listing of amounts budgeted, encumbered, and expended by budget reporting level for each account number.


Review

When these reports are received by the departmental chairman, they should be reviewed for accuracy and substance. Any questions or corrections concerning the reports should be submitted to the appropriate section listed below:

  1. Payroll - Contact the Payroll Office.

  2. Encumbrances - Materials Management.

  3. Checks - Any Accounting staff member.

  4. Internal Transfers - Any Accounting staff member.

  5. Cash Receipts - Any Accounting staff member or Cashier's Office.


Report Description Content

This report shows the transactions which are posted to each expenditure account during the month. The majority of these transactions record expenditures charged to the account, but other types of entries, such as budget changes, expense refunds, and adjustments are recorded. The report also shows encumbrances and the unencumbered balance.

All transactions are listed on the Budget and Expenditure Report according to the major or minor object code such as "Office Supplies," for which budgeted amounts have been allocated to each department.


Format Description

DEPARTMENT:
Name of department, purpose code and departmental code.

ACCOUNT NAME AND NUMBER:
The account name and object number as it appears on the Chart of Accounts.

PERIOD:
The monthly accounting period during which the transactions appearing on the report occurred.

EXPENDITURES:
This month and year to date.

ENCUMBRANCES:
Outstanding encumbrances and unencumbered balance. Also percentage of budget unencumbered.