The finance team in Business and Financial Services has cleaned up much of the incorrect or incomplete data from Fiscal Year 2021-22. This will significantly increase consistency between the project sub-ledger, where contracts and grants are maintained, and the general ledger.
The Division of Finance and Administration has initiated a weekly review, conducted each Friday, that monitors variances between the project-sub ledger and the general ledger for FY23 activity. Team members have been using it since the start of the fiscal year, and it has proven to be a proactive way to quickly identify and address data integrity issues to minimize financial reporting impacts.
There are a few remaining issues from FY21 related to data conversion and the university's use of the system in the later part of that fiscal year, but the financial team has made significant improvements.
It is important to remember that data accuracy – ensuring what is conveyed in the system matches expectations – is the responsibility of the PI and RA managing the grant. DFA encourages faculty members and RAs to reach out to their team and ask if inaccuracies have occurred.
