As previously communicated, the Controller's Office is implementing a new General Ledger Verification (GLV) online tracking tool to automate and streamline the review and documentation activities. We have been working closely with an external development company to build the user interface for this online tool and are now in the user data testing phase. We anticipate testing through January 2018 and plan to finalize our roll-out timeline once this testing is complete.
General Ledger (GL) verification is a key control of UCSF, and is a requirement per Campus Administrative Policies and the University of California Office of the President (UCOP). This key internal control requires all departments to review and verify financial transactions on a monthly basis. Acknowledgement of verification and documentation currently resides in the campus departments requiring recordkeeping and maintenance of many paper files, and the transfer of files to central offices when required.
The GL Verification tool will automate and streamline this process, providing the following benefits:
- Eliminates the need for departments to maintain monthly paper files documenting the completion and certification of GL verifications.
- Includes an email notification system to remind reviewers and certifiers that GL verifications are due.
- Allows for configuration of key control parameters, providing for automatic sampling of transactions by value thresholds where required.
- Provides a dashboard displaying key metrics, allowing campus management the ability to view the status of GL Verification control processes.
Contact Assistant Controller-Accounting and Reporting Shannon Turner if you have any questions about the General Ledger Verification tool.