Accounting

Accounting Policies and Procedures

Table of Contents

· Introduction

· Overview of University Financial Systems at George Washington

· Chart of Accounts

· Journal Entries

· Interdepartmental Procurements

· Glossary

Introduction

The University Accounting Office is responsible for the overall integrity of the University's accounting records. University Accounting insures that financial transactions from the University's financial, accounting and management information systems are properly recorded in the University's financial systems. University Accounting verifies that adequate controls are in place for recording financial transactions from the following University systems:

Accounts Payable System
Student Accounts System
Human Resources/Payroll System
Physical Plant System
Purchasing System
Telecommunications System
Inventory System
Budgetary Control System
Postage System

The University's Accounting Office assures that appropriate standards of accountability are being followed and assist administrators with researching and correcting accounting errors. The office maintains copies of Budget Performance Reports, the General Ledger, Chart of Accounts and other records needed for information and research.

University Accounting is responsible for production of accounting reports and assuring financial transactions entered into the University's General Ledger (on-line entries, journal entry vouchers and subsystem entries) are recorded in accordance with Generally Accepted Accounting Principles and the Accounting Policies of the University. The University Accounting Office is also responsible for reconciling the University's bank accounts to subsidiary records and to the general ledger.

The accounting procedures include an overview of the University's Chart of Account structure, definitions of the University's General Ledger Expenditure Accounts, an overview of Financial Systems and procedures for completing Journal Entries, and Interdepartmental Procurements.

Last Update : May 1997