Reconciliation
Project Accounting staff completes final reconciliations of capital projects to verify that the funding designated for a project was expensed appropriately. In addition, they verify the information in DEFINE is also reflected in FAMIS. The reconciliation process begins when a capital project has been placed into Accounting Status in FAMIS for at least 60 days. This 60-day period is to ensure that any late billings or charges have time to process prior to funds being lapsed (returned) to the original source of funds. It is important to note that once a project has been closed and funds lapsed, no money is available for invoices or charges that arrive afterwards.
Closeout
Project Accounts closes a capital project in FAMIS upon completing several audits of information. Staff members review and confirm all contracts are complete, work orders are all closed, no Open Order Labor (OOL) is outstanding, and that all other areas have billed for work on the project. An accounting technician adds any additional comments in the account field, creates a CLOSE version in FAMIS, and closes the project.