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The GL is at the heart of CUFS, collating information from the sub-ledgers of all of the University's financial transactions. The GL is used for processing journals, account enquiries and running reports.

Accruals and Prepayments

When preparing your departmental accounts, accruals and prepayments can be used to:

  • more accurately reflect your financial position
  • to monitor your final position

At present Departments are not expected to accrue their income/expenditure until the year-end, however if the amounts are material then they should be processed on a monthly basis. Advice is available from your Finance Adviser.

Month End Guidance

Pre-GL Close

  • Review any unposted GL journals. Take actions accordingly.
  • Review and clear any departmental suspense accounts.
  • Journal (or transfer) expenditure to match to correct source of funds.
  • Review GL transactions for potential miscodings and correct as necessary
  • Review expenditure on Non-Recurrent grants to ensure not overspent.
  • Review and monitor Trust Funds: Finance Division distribute Trust Funds Statements monthly.
  • Review and process journals for Deposit Account movements.

Post-GL Close

  • Run Budget comparing to Actual (CAPSA) report to review the department's transactions and balances.
  • Review the Department's Summary Report distributed by the Finance Division.

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