When completing your monthly reconciliations, it is important to identify transactions that may have posted to an incorrect C-FOAP (chart, fund, organization, account, or program code). As you perform these reconciliations, keep the following guidance in mind:
- If a transaction posts to an incorrect C-FOAP, it should be reclassified to the correct C-FOAP on a timely basis.
- When correcting a misclassified transaction, it is strongly recommended that the correction be processed as a reclassification entry, rather than a budget or funds transfer.
- For example, if an expense posts to an ICR C-FOAP with an incorrect account or program code, it should be reclassified to the correct C-FOAP through an expense reclassification entry (crediting the incorrect C-FOAP and debiting the correct C-FOAP) rather than through a budget or funds transfer.
- Processing the correction as a reclassification ensures that the expense is reported under the correct fund type, organization code, account code (for natural classification purposes), and program code (for functional classification purposes), supporting accurate presentation in the university’s audited financial statements.
- To help identify potentially misclassified transactions, consider using the Misclassified C-FOAP Report available on the Reconciliation Reports webpage as part of your monthly reconciliation process.
Contact
For additional information, contact UAFR at uas@uillinois.edu or (217) 333-4568.
