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Financial Review and Analysis


The Chief Business Officer for each school, college, or administrative unit is responsible for maintaining a process for review and analysis of budgets and financial transactions.  The process should be conducted to ensure reasonableness and accuracy of financial transactions recorded in the University’s financial systems and be conducted within 30 days of the prior month end.  This review occurs through several mechanisms including:

  • Transaction level review and approval 
  • Routine monitoring of financial transactions, and
  • A monthly review of the budget status using generated reports or corresponding data analysis from the financial system of record.
  • Please keep in mind that the date of a transaction determines the month (accounting period) in which it will post. For example, if a GL journal transaction is dated 8/15/2020 and it has not completed approval workflow, edit check, budget check, and posted by the end of August, then the GL journal will not be included in the August accounting period.
    • If a transaction does not complete all of these steps before the month is closed, then that transaction will have to be re-entered and go through the workflow process from the beginning. 
  • Please make sure transactions have completed approval workflow and any other user initiated steps (edit/budget checks) by the cut-off dates found in the financial closing schedule shown below. More information can be found in the Training Library in the Month End Close course.


A minimum standard of review and analysis is outlined below.  Chief Business Officers may determine if additional steps are needed to ensure reasonableness.



Documentation/Reference Information



Page Last Modified:  03/18/24