Departmental Duties

Accurately recording financial transactions is a collaborative effort between departments and core offices. In order to achieve this goal, departments are responsible for:

√ Becoming familiar with elements of the UNM/Banner chart of accounts

√ Coding financial transactions as accurately as possible

√ Using the Banner/MyReports systems to monitor funds and projects

√ Establishing procedures to ensure a proper matching of expenses to the related revenues in funds and projects

√ Monitoring General Ledger accounts for accuracy or reasonableness

√ Maintain funds so that assets meet or exceed liabilities (avoid deficit net asset balances)

√ Monitoring and reconciling financial activity (revenue and expense accounts) for accuracy, reasonableness, and planning

√ Use the information in General Ledger to be aware of department’s available resources and as a tool for using resources for maximum effectiveness

√ Use resources prudently in fulfillment of department mission and in compliance with the university policies and guidelines

√ Be aware of the appropriate University process for ordering, receiving and paying for goods and services

√ Establish responsibilities so internal controls are strong

√ Ensure all goods and services are received and acceptable before payment

√ Pay invoices accurately and timely

√ Establish procedures so all vendor early payment discounts are used and no late payments are made

√ Prepare realistic budgets annually

√ Revise budgets as necessary

√ Preparation, review and approval of Travel Expense Vouchers to reimburse employee travel expenses, with appropriate supporting documentation. Determine the propriety of the trip, most prudent method of travel, document justifications

√ Departments need to be available to answer any questions as a result of audits by either any Accounting Office, Budget Office, Office of the State Auditor, Legislative Finance Committee Auditor, Internal Audit, and by other external private, state or federal auditors. It is the responsibility of departments to cooperate with these audits and provide any information requested as timely as possible. Departments must notify the appropriate Core Accounting office of any external audit requests.

√ Ensure that proper University procedures are followed for the acquisition of property, equipment, supplies, etc.

√ Manage capital equipment inventory making sure accounting records are updated on a timely basis and making sure equipment resources are appropriately managed

√ Report equipment deletions and transfers timely to Property Accounting , so records are updated

√ Report stolen items to University Police

√ Turn surplus items over to UNM Surplus Property for use by another department or for public auction

√ Prohibit the personal use of university equipment

√ Ensure the department’s annual inventory of equipment items (required by state law) is completed by the requested deadlines

√ Take advantage of UNM’s state sales tax exemption on all purchases, as appropriate