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Account Status Reports

    • Last Updated: 12/02/2016
    • Effective Date:

    Policy Statement

    Monthly account status reports are the University’s official general ledger statement.

    Reason for policy
    Account status reports provide all University departments with a monthly report reflecting financial transactions posting to active departmental accounts and month end budget balances.
    Procedures

    Account Status Reports reflect detail budget adjustments, encumbrances, and actual transactions posted to the University’s financial accounting system (general ledger) during the month. The report includes beginning balances, ending balances, and budget versus actual balances by object code. Accounting Department issues the reports via email after the close out of each accounting month. The specific issue date of the account status reports can be found through the link provided under Related Information.

    Monthly status reports should be reviewed by each department head/director/principal investigator or other responsible party.  All transactions on the account status report should be reviewed for accuracy on a monthly basis.

    Inquiries concerning specific transactions should be directed to the appropriate department based on the transaction type. Adjustments or errors found on the account status report should be submitted to the Accounting department through a Request for Journal Voucher form. A link to this form can be found under the Forms/Instructions section below. Please note that a different form is used when the Request for Journal Voucher relates to restricted accounts. These forms should be submitted on a timely basis within a thirty day period EXCEPT at fiscal year-end. The deadline is much shorter for Requests for Journal Vouchers submitted in July for application to the past fiscal year.  Consult with the Accounting Department for the date if necessary.

    Forms/Instructions
    Responsibilities

    Responsible University Senior Administrator: Vice President for Finance & Administration

    Responsible University Administrator:  Associate Vice President for University Business and Accounting Services

    Policy Owner: Accounting

    Policy Contact: Holly Byrd

    Policy Contact Phone Number: 706-542-6865

    Record Retention

    For general ledger statements, all documentation should be retained for seven (7) years.  Reference O.C.G.A. 9-3-24.

    For expenditures processed with grant funding, all documentation should be retained for the life of the grant, plus seven (7) years.

    For all other expenditure types, records may include but are not limited to check requests, purchase orders, invoices, journal vouchers, departmental requisitions, justifications of purchases, payment authorizations, reports of receipt of goods or services, and related documentation and correspondence. 

    Record Copy: Accounting

    Retention: 5 years; Life of grant plus 7 years if grant funded

    Citation or Reference: O.C.G.A. 11-2-725
    FAQs

    What is an account distribution point?

    An account distribution point specifies the individual that will receive a copy of the report each month.  The account distribution point is located in the upper right corner of the account status report. To the right of the distribution code number (TO: XXXX-XXX’) is the name of the individual receiving the report.

    How do I change the name of the person receiving an account status report?

    To change the name of the individual receiving the account status report, an email should be sent to the Accounting Department (acctng@uga.edu) specifying the distribution point, the name currently assigned to the distribution point and the name of the new individual to receive the report.  If the address should also be changed, that should be included in the email.

    What if I did not receive my email of status report or had accounts missing in the email I received?

    Please email the Accounting Department at acctng@uga.edu.