Accounting Procedures Handbook

12 LIABILITIES • Payroll Accounting Associate reviews “Payroll Deduction Register” to verify deductions. • Payroll Accounting Associate completes check request forms for each deduction. • Payroll Accounting Associate submits batch request to Accounting Manager for approval. 3. ACCRUED LIABILITIES A. General Procedures Performed by the Accounting Manager for Liabilities 1. Review/ Reconcile Liabilities: a. On a monthly basis obtain and review the detail Liabilities printout via the Liability Transaction Register from the G/L Accounting system and analyze for potential errors. Reconcile Liability Account balances to source system/ supporting data and documentation. b. Make correcting entries to properly adjust Liability account balances if/ as required (per the review/ reconciling procedures noted above) utilizing BusinessPlus workflow for entry/ posting documents. c. Utilizing the Open Obligations Register – Prior Year, via the G/L Accounting system, review prior year obligations and prepare the applicable spreadsheet and workflow entries (if/ as required) for the current applicable reporting cut- off period. Attach supporting documentation and forward to the Comptroller via BusinessPlus workflow for review/ approval. d. Upon receipt of A/P batches for payment and supporting documentation (e.g. invoices, employee travel expense reimbursement requests, authorizations for payment, etc.) from A/P Department personnel, review batches for propriety and sign off on payments evidencing the required approval. e. Upon receipt of the Out of County Living Report from MSDE via Pupil Services, prepare the account numbers for the related PO and forward the PO to the Purchasing Department. 2. Payroll At fiscal year-end (June 30) - Upon receipt of accrued salaries spreadsheet from Payroll, prepare journal entry via BusinessPlus workflow for posting of accrued salaries for June 30. 3. Health Insurance Accrual (procedure performed by the Employee Benefits Analyst): a. Retrieve Excel spreadsheet (/CF accrual 20xx.xls) b. Review monthly activity for G/L accounts 1P130 (employees) and 1V220 (retirees) and enter amounts by column in the following activity areas of the spreadsheet: i. Payments to carrier ii. Withholding for employees iii. Cash Receipts iv. Automated monthly accrual (for employees only) c. Retrieve “Statement of Allocations and Expenditures by Category report” d. Enter current month activity for health insurance into Expense Analysis columns i. Food Service ii. General Fund iii. Restricted (grants) = Total current exp less general fund e. Update Budget Analysis for Unrestricted Fund