Reconciling Financial Transactions

Accounting Processes

Departmental monetary transactions are tracked by means of account numbering system at the University of Texas at Arlington (UT Arlington).

  • Reference  Type of Accounts ( Procedure BF-AS-PR6) for a description of account types used at UT Arlington.
  • Reference  Establishing Operation Accounts ( Procedure BF-AS-PR5) for information on how to obtain a new account number, change an existing account number, or close an account number.

Departmental monetary transactions must be reported and reconciled by each department each month during the fiscal year.

  • Reference  Statement of Accounts ( Procedure BF-AS-PR7) for a description of methods used at UT Arlington to reconcile departmental monthly statements.
  • Reference  Year End Accounting ( Procedure BF-AS-PR12) for information on procedures used at the end of the fiscal year. (See Deadlines for Financial Transactions at the end of this website for specific deadlines for various transaction activities at the end of the fiscal year.)

Additional Accounting procedures are available for processes that are unique to specific situations or need expanded delineation of definitions, specific requirements or restrictions.

  • Reference  Expenditure Income Classifications ( Procedure BF-AS-PR8) for a description of expenditure and income codes use in *DEFINE.
  • Reference  Charges to Departmental Services ( Procedure BF-AS-PR9) for information on rules and restrictions for interdepartmental charges.
  • Reference  Endowment Establishment and Management ( Procedure GA-IA-PR1) for information on endowment accounts.
  • Reference  Working Fund ( Procedure BF-AS-PR10) for information on setting up and managing working fund accounts.
  • Reference  Gifts to the University ( Procedure GA-IA-PR2) for information on how to set up and manage gift accounts.
  • Reference  Funds Held in Custody for Others ( Procedure BF-AS-PR11) for information on these types of accounts.
  • Reference  Transfer of Funds ( Procedure BF-AS-PR13) for information on restrictions on these types of transactions.

Reconciling financial statements is necessary to ensure expenditures and revenues are properly approved and recorded to the correct cost center or project. The process of reconciliation ensures the accuracy and validity of financial information and assists departments with managing departmental spending.

Department Heads, Account Owners, and PIs are responsible for reviewing and approving the financial statements monthly.

Department Heads are also required to complete the Annual Financial Certification in SAHARA. The annual certification allows Department Heads to record exceptions to the financial statements and to certify the financial information is appropriate including the establishment of internal controls and segregation of duties.

To learn more about SAHARA, visit Knowledge Services website.