The Financial Reporting area of the Controller’s Office is primarily responsible for external and internal financial reporting. Some of those accountabilities encompass the Consolidated Audited Financial Statements, Employee Retirement Plan Audit, Assistance with the Preparation of Tax Returns, and Bank Reconciliations.
Included in our area are the following responsibilities:
The General Accounting area of the Controller’s Office has as its primary responsibilities the daily operations of the University’s accounting system (Financial Records System “FRS”), including:
General Accounting Procedures
Accounts & Departments
The Controller’s Office is responsible for approving requests for new accounts, assigning account numbers, deleting old and changing account titles in the accounting system. In addition, we add departments, change department names and delete departments when requested. For information, please see the procedures to follow under the headings below:
- ACCOUNTS: Click here for procedures to: a) create an account, b) initiate changes to accounts, or c) delete an existing account.
Click on the following link to review important changes regarding account creation.
Important News Effective September 25, 2014:
Any e-mail request submitted to the Controller’s Office for changes to existing accounts must include the Workday Cost Center Name and Cost Center Number for each account.
- DEPARTMENTS: Click here for procedures to: a) change an official department name, b) create a new department, or c) delete an existing department.
If a department is to be inactivated or combined with another department, click on Request to Move Account Numbers or Delete Accounts and then complete and submit the form per the instructions given.
General Ledger Account Definitions
Accounting System Transaction Codes
The University’s Accounting systems (FRS and DMAS) use transaction codes. Transaction codes identify to the system what type of entry or entries the system will be recording. Transaction codes are three digits in length.
Listed below are the transaction codes the system accepts grouped by Budget transactions, Actual transactions, Encumbrance transactions and Bank Transfers:
Budget transactions (used in all transactions affecting budget). The range is from 020 to 029. Specific transaction codes used are:
Actual transactions (used for cash receipts, cash disbursements, journal entries, interdepartmental requisitions). The range is as follows:
Encumbrance transactions (used to record commitments for salaries and fringe benefits, purchase orders, telephone services, restricted funds in sponsored accounts such as F & A (Overhead code 8101) and other types listed in “Expense Object Code Explanations” - code 3758). The range is as follows:
Bank Transfer transactions (used to transfer transactions from one accounting system bank account to another - use restricted to Bursar and Controller’s Office). The range is as follows:
Beginning balance (use restricted to Controller’s Office only).
FRS Batch Reference Listing
Batch references are used in the University’s accounting system (FRS and DMAS) and are associated with the originator of an accounting transaction. The originator may be an individual or a subsystem. The list provided, organized by batch reference initials, gives the information about the name of the individual or the subsystem who originated a transaction and a telephone number to call if there are questions about the transaction.
Click here to download the Batch Reference List.
To request a new batch reference, or to make changes to an existing batch reference, click on Batch ID Request to Create, Change or Inactivate and then complete and submit the form per the instructions given.
Note: that when an employee with a Batch Reference ID leaves the department or the University, the Controller’s Office should be notified using this form. An ID cannot be deleted if there were transactions made while the employee was in the department. ID’s will be deleted by the Controller’s Office only after they have not been used for 10 years.
Is a term used for outstanding checks, including checks issued by the University that have not been cashed by the payee, e.g. payroll checks, checks issued to vendors, payments to human subjects, reimbursement checks, etc. Policy - E106 Student Accounts Receivable Unclaimed Refunds
The Document Management and Imaging area of the Controller’s Office is responsible for collecting, imaging, maintaining files, and storage and retrieval of original financial documents. These include departmental expenditures such as BERFs and e-BERF’s, Checks requests (e-Checks), Journal Entries, Cash Receipts, Batch ID Access Forms, Stop and Cancelled Checks, FRS/DMAS/RDS Security Access Forms, Accounts Creates and Voided Checks. The original information is maintained for specified periods of time and it is retrieved from the University departments and auditors (internal and externals) based on various management needs.
Document Management has been integrated with On Base, the new document management system that allows instant retrieval of documents. For more information, please follow this link.
The University of Miami follows standardized policies with respect to the acquisition, capitalization, management and disposition of equipment for financial statement purposes, compliance with government/sponsor requirements, and to support indirect cost recovery.
Definition for Capitalization of Movable Equipment
Duties and Responsibilities of Property Accounting
The Department’s Property Administrator should be a business manager or staff assistant who reports directly to the department head. Responsibilities of the Department’s Property Administrator include:
All sales of equipment need to be coordinated through Property Surplus. Policy B049 – Deletion of Equipment from University Assets
B040 EQUIPMENT CAPITALIZATION – Capital equipment is equipment that has a cost which equals or exceeds $2,500 and with a useful life of greater than one year. The cost for repair or replacement parts, general maintenance, and warranty are not capitalized.
B041 EQUIPMENT FABRICATED BY DEPT. WITHIN UM – Is equipment assembled from various individual parts (Purchase Orders) that when completed operate as an individual unit.
B043 PERMANENT CHANGES EQUIP LOCATION WITHIN THE UNIVERSITY – It is required by OMB Circular A-110, to maintain accurate equipment information in the property system.
B044 CHANGE IN USE/DISPOSITION OF EQUIP PURCHASED WITH FEDERAL FUNDS – As per OMB Circular A-110, approval from the awarding agency is required for active awards.
Contact the Office of Research Administration to obtain approval.
B045 OFF CAMPUS USE OF UNIVERSITY-OWNED EQUIPMENT - Use of university owned equipment off-campus is subject to the approval of the appropriate chairman, dean or vice president.
B046 REDISTRIBUTION OF EXCESS EQUIPMENT TO OTHER UM DEPARTMENTS - Departments should communicate any transfers of equipment to other departments.
B047 SALE, DISPOSITION OF EQUIPMENT – All sales of equipment must be negotiated, coordinated and approved by Property Surplus.
B048 EQUIPMENT DONATIONS & TRANSFERS TO OTHER INSTITUTIONS – Grants and contracts are awarded to the University and not to individual investigators, therefore all equipment purchased with sponsor funds, unless otherwise specified by the grant or contract, is the property of the University.
When an investigator leaves the University, it is expected that equipment which has been purchased will continue to be needed in the ongoing research and/or educational activities of the specific department concerned, and will therefore remain at the University.
When an investigator requests that certain specialized equipment be made available for transfer to the new institution, such requests may require approval from Sponsor Programs and the department chair or dean.
B049 EQUIPMENT DELETION FROM UNIVERSITY ASSETS – This policy is used to record equipment disposals resulting from trade-ins, casualty loss, not found, beyond economical repair and/or robbery.
A trade-in occurs when a piece of equipment is returned to a vendor for value in order to obtain an updated piece of equipment or new equipment. All trade-ins of equipment purchased with sponsored funds should be verified through the Sponsor Programs Office if prior approval from the sponsor is required. Once approved the Property Administrator should be notified to delete the equipment from the inventory and advise Property Accounting to update and reflect the gain or loss on the transaction. The PO with the new equipment must specify the trade-in amount in a separate line. It is recommended to coordinate with surplus Office regarding trade-in value.
B050 EQUIPMENT TRANSFERS FROM OTHER INSTITUTIONS – It is the responsibility of the department to notify Property Accounting of any capital equipment transferred to the University.
B051 ACCOUNTING FOR GOVERNMENT OWNED EQUIPMENT – It is the responsibility of the Principal Investigator to maintain accurate records of all equipment acquired with federal funds.
B052 ACQUIRING FEDERAL EXCESS OR SURPLUS PROPERTY - All requests to acquire federal surplus or excess property must be submitted to the Property Accounting Office which will authorize the transaction.
B053 INVENTORY CERTIFICATION – In order to comply with federal regulations, OMB Circular A-110, it is University policy for departments to conduct an annual physical inventory and certification.
Equipment Web System Instructions.