SOP-UNISUITE
Data Entries
In UniSuite, users are typically responsible for to enter various types of financial data and performing daily activities related to financial management within educational institutions. Here are the key types of input entries by users and their corresponding daily activities:
1.Income/Receipt Entries:
Description: Recording all sources of income received by the institution, such as tuition fees, donations, grants, and other revenues.
Categorizing income sources and allocating them to appropriate accounts.
Generating receipts for payments received and maintaining records of transactions.
Daily Activities:
Enter details of incoming funds into the UniSuite system.Categorizing income sources and allocating them to appropriate accounts.
Generating receipts for payments received and maintaining records of transactions.
2.Expense/Payment Entries:
Description: Documenting all expenditures made by the university, including salaries, utilities, supplies, and other operational expenses.
Allocating expenses to relevant budget categories or cost centers.
Verifying payment requests and ensuring compliance with budget allocations.
Daily Activities:
Entering payment details for expenses incurred by the institution.Allocating expenses to relevant budget categories or cost centers.
Verifying payment requests and ensuring compliance with budget allocations.
3.Accounts Entries:
Description: Managing the institution's financial accounts, including bank accounts, cash funds, and investment portfolios.
Recording interest earned, dividends received, and other financial transactions.
Reviewing account statements and resolving discrepancies as needed.
Daily Activities:
Updating account balances and reconciling transactions with bank statements.Recording interest earned, dividends received, and other financial transactions.
Reviewing account statements and resolving discrepancies as needed.
4. Budget Entries:
Description: Planning and monitoring the institution's financial budgets for various departments, projects, and activities.
Monitoring actual spending against budgeted amounts.
Adjusting budget allocations based on changing needs or priorities.
Daily Activities:
Inputting budget allocations and expenditure forecasts into UniSuite.Monitoring actual spending against budgeted amounts.
Adjusting budget allocations based on changing needs or priorities.
5. Investment Entries:
Description: Tracking the institution's investments, including stocks, bonds, mutual funds, and other financial assets.
Monitoring investment performance and market trends.
Assessing the risk and return of investment options and making informed decisions.
Daily Activities:
Updating investment portfolios with purchase and sale transactions.Monitoring investment performance and market trends.
Assessing the risk and return of investment options and making informed decisions.
6. Audit Entries:
Description: Documenting audit findings, recommendations, and compliance activities to ensure financial transparency and accountability.
Documenting corrective actions taken to address audit findings.
Generating audit reports for review by internal and external stakeholders.
Daily Activities:
Recording audit observations, including any discrepancies or irregularities identified.Documenting corrective actions taken to address audit findings.
Generating audit reports for review by internal and external stakeholders.
These daily activities are essential for maintaining accurate financial records, ensuring compliance with regulations, and supporting informed decision-making within educational institutions. Users in finance departments play a crucial role in performing these tasks efficiently and effectively using the UniSuite software platform.