Policy Update: Limiting Financial Accounting Adjustments – Non-Sponsored
July 27, 2022
To support stronger financial controls over the timeliness of review, correction, and the year-end financial close, non-sponsored Payroll Accounting Adjustments (PAAs) and Accounting Adjustments (AAs) will no longer be allowed on original transactions that are over 12 months old. To implement key internal control measures, Procedure 3501 PR.01 Payroll Costing will be updated to include the change that applies to non-sponsored accounts. University policies and procedures require monthly, quarterly, and annual monitoring of financial accounts.
Any adjustments to transactions older than 12 months and impacting non-sponsored accounts will have special routing to the Controller’s Office. Initiators seeking an exception must provide additional information:
- A detailed explanation of why this PAA or AA is needed
- Plan to avoid a PAA or AA exception in the future
- Supporting documentation
Note: This change applies to non-sponsored accounts only. Sponsored accounts already contain a special route to the appropriate Role for approval (after 90 days) as outlined in the Policies below and corresponding Procedures:
- Policy 1305 Cost Transfers Involving Sponsored Projects
- Policy 1315 Effort Reporting: Certifying Effort on Sponsored Projects
Need more information?
For business process and system-related questions, please contact Financial Systems & Solutions at firstname.lastname@example.org. For questions regarding the time limit and the exception process, please contact General Accounting at email@example.com.