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Revised: 02/16/21
Agencies are responsible for month-end processing tasks for OAKS FIN modules: Accounts Payable, Accounts Receivable, Billing, General Ledger, Purchasing, and Travel and Expense. These steps should occur in conjunction with an agency’s standard month-end processing tasks.
It is the responsibility of State Agencies, Boards, and Commissions to regularly reconcile the entity’s internal records to the existing accounting system and/or external sources in order to determine if financial transactions have been processed accurately and timely.
To be effective, these reconciliation procedures must be documented adequately, performed regularly, and include appropriate follow-up to address all significant reconciling items. It is also management's responsibility to monitor these control procedures to verify they are operating effectively and as management intended. These control procedures may be requested by auditors.
One method to comply with this recommendation would be to utilize OAKS-BI reports that provide information at the transaction-level by section/department. Reports should be ran regularly and reviewed for any errors or irregularities. Agencies should take corrective action accordingly.
Agencies should select the most appropriate report to help them reconcile their activity.
Month-end processing in OAKS FIN Accounts Payable ensures that all expenses, liabilities, and payments are posted in the proper accounting period and payments are made in a timely manner. Agencies are responsible for review and clean-up of unpaid/unprocessed vouchers on a monthly basis or more frequently. This will avoid added clean-up at fiscal year-end when all vouchers must be paid or removed from OAKS FIN.
Identify Recycled Vouchers
Correct Single Pay Interface Error Vouchers
Correcting Single Pay Interface Error
Review And Correct Vouchers In Match Exceptions
Review And Approve Vouchers That Are Pending Approval
Correct Budget Check Exceptions
Correcting Budget Check Exceptions
Review AP Budget Check Exceptions
Reviewing Budget Check Exceptions for Voucher's "Errors Exist" or "Only Warnings Exist"
Agencies should make sure that all revenue is completed at the end of the month so that the revenue is recognized in the correct period. Otherwise, the date of the revenue will have to be changed to be included in the new monthly period.
Identify Pending Item Groups That Are Not Posted
Reviewing and Correcting Posting Errors
Identify Payment Groups Not Posted
Identify Incomplete Deposits
Review AR Budget Check Exceptions
Reviewing Budget Check Exceptions for "Errors Exist" for AR Direct Journals
Agencies should make sure that all their billings are completed at the end of the period so that the revenue is recognized in the correct period. This period can be weekly, monthly, quarterly, or any other billing period that an agency uses. Otherwise, the date of the revenue will have to be changed to be included in the new monthly period.
Identify Billing Transactions That Have Not Been Finalized And Printed
Finalizing and Printing Invoices
Month-end processing is important to OAKS FIN General Ledger as it allows OAKS FIN reports to display the correct monetary amounts. Month-end processing will ensure that the spending authority, allotment, and cash budgets are impacted correctly.
Ensure All Journals Have Been Edited And Posted
Verify That Reports Provide Expected Results/Amounts
Review GL Budget Check Exceptions
Reviewing Budget Check Exceptions for "Errors Exist" or "Only Warnings Exist" for GL Ledger Journals
Month-end processing in OAKS FIN Purchasing processes transactions in sourcing, threshold, and budget error statuses.
Check For PO Sourcing Errors
Sourcing Workbench - Requisition Errors
Check For POs With Threshold And Budget Errors
Budget Check and Thresholld Validation
Delete Unwanted Requisitions
Review PO Budget Check Exceptions
Reviewing Budget Check Exceptions for PO's "Errors Exist" or "Only Warnings Exist"
Agency Fiscal Staff are responsible for correcting budget exceptions so that travel authorizations and expense reports can be processed. It's important to correct all budget exceptions during month-end processing.
Correct All Budget Exceptions