Office of Financial Affairs
Office of the Controller
The Office of the Controller develops systems, policies and procedures for the management of the College’s financial resources and ensures compliance with Generally Accepted Accounting Principles (GAAP).
It provides information and analysis to assist departments in achieving objectives that support the College’s goals. Specific responsibilities include, but are not limited to, policy and procedure review, transaction processing, investment, endowment, fixed asset accounting, and financial reporting – including the preparation of the College’s audited financial statements and tax returns.
The Cashier’s Office is located in Room 205 of the Human Resources Suite located in the Transportation Building.
Beginning Wednesday, August 27, 2014, the regular academic season cashier hours will resume.
The cashier hours are as follows:
Wednesdays: 10:00 am to 12:00 pm
Fridays: 1:00 pm to 3:00 pm
Please contact Claudia Borden via e-mail at Claudia_Borden@emerson.edu or at 617-824-8260 with any questions regarding these hours.
When picking up a reimbursement check, all employees and students must show a picture ID. Only the payee of the check can pick up the check.
Under no circumstances may a student pick up a check of another student or the checks for a department.
After reviewing monthly account status reports in Banner, department managers and/or administrators may need to transfer posted charges to a different activity or object code. We request that all charges be transferred, via the Expense Transfer/Journal Entry Form, to the object code that best describes the transaction (i.e. office supplies should be posted to the Office Supplies/Equipment object code, postage should be charged to the Mail/Postage Object Code, etc.). Please note that all applicable areas of the form must be completed and appropriate signatures must be noted for the form to be processed. Adequate supporting documentation should accompany the form sent to our department for processing. In addition, the reclassification of an expense or transfer of funds for an expense may only be made after an item is paid for and not based upon an open purchase order.
Cash Receipts Vouchers
Cash receipts, along with a completed Cash Receipts Voucher, should be brought to the Cashier for deposit in the bank and recording in the College’s general ledger. Departments should verify that all information on the voucher is correct and that amounts noted on the form agree to cash, checks and credit card information accompanying the voucher. As a general rule, cash and checks should not be held over a weekend by any department and foreign currency should not be accepted.
Month-End Closing Process
Financial Affairs conducts a two-step monthly closing process. Within the first 5 business days of the subsequent month, all chargebacks are submitted, edited, and posted to the general ledger. At the same time, standard monthly journal entries, adjusting entries, and expense transfer requests received from department managers are reviewed and posted. On the 6th business day, the financial records of the closing month are archived, meaning that the information is available for departmental review. The month remains open for the next 5 business days. During this time, the accounting staff continues preparing account reconciliations. If adjusting or reconciling items are necessary to complete the reconciliation, these will be posted during this time. After the 10th day of the subsequent month, the month end close is complete and no further general ledger adjustments can be made.
Year-End Closing Process
Emerson’s fiscal year end is June 30th. Year-end procedures are generally the same as monthly closing procedures; however, there are a few key differences. An in-depth memorandum will be sent to all faculty and staff explaining the specifics for the year-end close sometime in mid-to-late April.
Budget monitoring is performed throughout the year by the Office of the Controller. The following procedures ensure proper budget monitoring.
Accounting Chargeback System
To complete the month-end close, the Office of the Controller receives a variety of standard departmental charge backs from various service departments within ten (10) business days. The purpose of these charge backs is to reallocate expenses incurred by the servicing department to the individual departments that requested the service or items.
The following is a list of the various service departments that generate these charge backs on a monthly basis:
- Facility Management
- Information Technology
- Purchasing (Typewriter/Fax)
- Print and Copy Center
The monthly charge back activity is recorded as a lump sum; if a department wishes to obtain detail of these expenses they may contact the Department which initiated the charge back.
Processing of Expense and Interdepartmental Transfer Forms
Expense Transfer Forms are used by departments after review of the monthly expense activity and the recognition of classification issues, problems and/or inconsistencies. Expense Transfer Forms are used to reclassify expenses inappropriately recorded within a specific department.
A department may wish to either transfer funds or reclassify expenses to another department for which an Interdepartmental Transfer Form should be used. These transfers should be done within 30 days of the initial posting. The approval of the Department Head to which the expenses are being transferred is required.
The following are procedures that must be followed in relation to the preparation of these forms:
- All applicable areas of the form should be completed with detailed information including supporting documentation for the transfer.
- The reclassification of expenses can only be completed after an item has been paid and cannot be based upon Purchase Order encumbrance classifications.
- All Transfer forms are processed monthly by the Office of the Controller.
Data Entry Clerk