Finance Updates

News, updates and information from the University of North Dakota Finance team.

State Purchasing Policy

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STATE PURCHASING POLICY In our personal lives, we make purchasing decisions – some big, some small. What we purchase is important to our families’ financial well-being and quality of life. When making personal purchases, we can buy anything that isn’t illegal. We can have a favorite pop or favorite make of vehicle. We may choose, or […]

Major and Minor Equipment Annual Inventory ELECTRONIC Submission Process

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Did you know that every department who has major or minor equipment inventory or both has a dedicated staff member who serves as the inventory contact with asset management?  These inventory coordinators work diligently to verify major and minor equipment annually. The inventory coordinator verifies the inventory, signs the inventory form and then electronically routes the […]

December Journal Entries and Imports Have Posted

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All journal entries and imports dated in December without budget error, approval error, or other error have posted to December.  If a journal in workflow was dated in December but errors were not corrected or the workflow was not completed prior to three business days into January, the journal will restart the workflow with a […]

Livingston International (UND Customs Broker): Rate Change

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Livingston International, UND’s customs broker, has notified us that a rate change will take effect January 6, 2020. Please see the attached documentation from Livingston International documenting the changes. 2019.12 Livingston International Rate Increase Notification Please contact the company directly if you have questions about the rate changes: clientserviceUS@livingstonintl.com or 855-225-5548. Jennifer Rogers, Special Projects […]

Annual Inventory Deadline 1/15/20-Final Reminder

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Annual major and minor inventories are due 1/15/2020.   Department inventory contacts were notified of the requirement on 10/18/2019, with a reminder on 12/16/19, and a final reminder on 1/2/20. Click here for detailed information regarding annual major equipment inventory. Click here for detailed information regarding annual minor inventory.

Journal entry tip of the week: month end.

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Journal entries (including journal imports) must pass all validations and approval stops before posting to the general ledger.  At month end, if a journal has not passed all validations and approval stops by the third business day in the month following the date of the journal, it will be re-dated to the following month and […]

Journal entry tip of the week: general ledger detail.

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When correcting an entry, general ledger detail saved from PeopleSoft Finance showing the funding source of the original transaction, must be included as an attachment to the journal entry.  This general ledger detail shows the funding source of the original transaction to ensure that the entry corrects the appropriate chartfields. Q: How can the department […]

Major equipment: exploring the process.

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Has your department purchased or are looking to purchase major equipment and you are curious about the process? Let’s explore! Major equipment is defined as any equipment with an acquisition cost greater than $5,000 and having a life greater than one year.  Departments who purchase major equipment are required to code the equipment to an […]

Journal entry tip of the week: journal reference numbers.

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When submitting a journal entry to correct a transaction that has posted to the general ledger, the journal ID of the correcting entry should be the same journal ID as the original entry that is being corrected. Want to learn more about journal entries?  Visit the training website or give us a call at 701-777-5672. […]

Duplicating Services Experiencing Backlog with Billings

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Duplicating Services recently implemented a new billing system.   Some technical issues arose during implementation causing a backlog of billing for services provided by Duplicating Services.    These issues have been resolved. Duplicating Services expects to be caught up with billing by next week.   Thank you for your patience.        Sherri Brossart, Duplicating Services Supervisor