Reporting
1. Review spend to date
On a monthly basis the Capital Project Accountant generates financial reports for the UED Project Managers to assist with their review of spend. Reports are circulated to the Project Managers and other UED staff within 3 working days of the month end closure of the Oracle Financials Projects Module.
Finance surgeries are carried out monthly with each Project Manager, involving the Capital Project Accountant and UED representatives, to review:
- Spend to date
- Outstanding commitments
- VAT issues
- Corrections required
2. Management reports
Project Managers generate monthly financial reports based on the outcome of the monthly finance surgeries summarising spend to date, latest forecast costs, outstanding commitments etc. These reports are then consolidated and sent to BESC and PRAC for review.
Where Project Managers identify funding shortfalls these are managed in the first instance using BESC or departmental funds where possible. Where this is not possible a report will need to be submitted to the CSG. In both cases a revised Project Expenditure Approval Form (PEA) will be required.