General Ledger (GL) verification is a key control of UCSF and is a requirement per Campus Administrative Policy 300-46, General Ledger Verification. The process helps departments ensure that financial transactions recorded in the General Ledger are in accordance with all relevant policies, regulations, and sponsor or donor terms and conditions. GL verification applies to all financial transactions, regardless of the funding source. For sponsored projects, GL verification helps to ensure that spending is aligned with the sponsor or agency terms and conditions.
As reported in the June 2018 Controller's Office Newsletter, UCSF has introduced a new GL Verification Tool to streamline the verification process and has updated the General Ledger Verification (SAS115) web page to reflect the new procedures. Of particular interest to contracts and grants administrators is guidance on the effective use of the tool for sponsored projects:
- All transactions flagged by the GL Verification Tool for a sponsored project should be reviewed
- Federal unallowable expense transactions are flagged in the GL Verification Tool
- Individuals will need to evaluate allowable expenses for specific funding sources and additional verification work may be needed for unique awards (e.g., European Union grants). This additional work should be documented in the GL Verification Tool, even if transaction was not flagged for verification.
- Effort reporting certification is still required; GL Verification does not replace effort reporting
To help identify further refinements to the GL Verification tool, please encourage your Verifiers to do the following when completing their monthly verifications:
- Run either the Project Summary Report or Transaction Detail Report in MyReports and compare the results against the transactions flagged for verification by the GL Verification Tool
- If Verifiers identify items in error that were not caught by the GL Verification Tool, share this feedback by email to [email protected]
- We plan to incorporate identified errors into the GL Verification Tool rules to the extent we can write a business rule to effectively capture them
Contracts and Grants Accounting is currently working on an Award Verification Tool which will streamline the verification process for sponsored awards. Until this becomes available, Principal Investigator sign-off must be completed using the format for General Ledger review already established within each department.