Faculty & Staff

Projects with No International Bank Accounts

If an international project is financed through a special travel advance to an individual, he/she must submit on a monthly basis a Travel and Business Expense Report  with accompanying receipts to clear the advance for expenses incurred during the month and/or request additional money. If a second travel advance is needed, a memo with a detailed explanation and Department Administrator approval must be included with the expense report.

Depending on the procedures of the department or center, the TBER should be reviewed and/or approved by the Department Administrator, then forwarded to Accounts Payable within 45 days of the end of the month.

This is the only form of reporting and reconciliation required in the case of an international project financed through travel advances.

Projects with International Bank Accounts

A project with international bank accounts must submit to the Department Administrator a monthly package of documents that constitute a Finance Report. The monthly Finance Report must contain the following:

1. Expense Worksheet: A worksheet recording all detailed expense transactions, with conversions to U.S. dollars in the case of expenses incurred in the local currency
2. Supporting Documentation: Support for each transaction in the form of either original or photocopied documentation
3. VAT Documentation: Documentation of value added tax (VAT) submissions (see Procurement)
4. Bank Reconciliations: The bank reconciliation(s) from the prior month
5. Check/Wire Request: A completed check or wire request form with the replenishment amount and account(s) and sub-codes
6. 12-Month Forecast: An updated 12-month (rolling) forecast with the period budget, the period actual expenditures, an explanation of variance (with a plan for correction, when appropriate), and support for significant changes (if any)

Reconciliations – Projects with International Bank Accounts

The field office must perform several reconciliations as part of its reporting process and general management responsibilities:

• The field office must reconcile the international bank account on a monthly basis – or weekly, if funds are required more frequently. Reconciliation ensures that the sum of the outstanding reimbursements, cash, and advances are equal to the amount recorded in the general ledger.
• Petty cash reconciliations must be done on a monthly basis, reconciling the authorized amount of the fund against cash and receipts on hand.
• If managing a payroll, the field office should keep monthly payroll registers and perform monthly reconciliations of staff salaries to ensure that they are in accordance with staff’s letters of appointment.

For further information on financial reporting, expense documentation requirements, and reconciliations, see the University’s International Banking, Expense Reimbursement, and Replenishment Policy.