Reporting, Review and Reconciliation
Departmental reports
Oracle Financials reports are available to support the financial management of projects. The key reports are:
OX Award Status Report - provides award summary information with the option of showing month-by-month expenditure by budgetary categories. The report will enable the department to identify the amount of expenditure to date on the grant and the remaining funds available for non-staff items, having taken purchasing commitments into account. At present there is no mechanism for loading salary commitments into Oracle Grants, so departments should be reminded that the staff costs may well be fully committed, even though they are not shown as such on the report.
OX GMS Project Status Report - enables departments to analyse project costs by task and expenditure category and to highlight overspend/underspend on a project or where the project may run the risk of being over/under spent.
OX GMS Actual Expenditure Inquiry - provides detailed transaction information on actual project expenditure within an accounting period. This is a useful report for finance officers who want to run an enquiry into expenditure against a particular award.
Divisional reports will be available soon.
Review and reconciliation
As per the Purchase to Pay process it is important that all open purchase orders are regularly reviewed. Essentially, towards the end of the project all outstanding transactions must be addressed and any remaining Purchase Orders appropriately managed to ensure they are closed/matched before the project can be closed.
Where relevant, expenditure should be reconciled to invoiced amounts and cash received.
Year end
For projects that are running over the year end, it is important to ensure that the appropriate accruals are posted.