Finance Office’s accounts
The Finance Office uses account numbers to differentiate sources and purposes of funds. Download the UITS account cheat sheet to view the specifics.
Managers and directors are expected to actively manage their budgets. This will help the Finance Office prepare forecasts. The Finance Office will then analyze the budget variance, which is the difference between the budgeted amount minus the actual transactions (cleared), pending transactions (encumbered), and projected transactions (forecast).
If the office discovers potential complications during analysis, it will contact the involved managers or directors to help resolve the problem and/or prevent them in the future.