Financial Reporting & Analysis

The Financial Reporting Unit comprises:-

Financial Reporting & Analysis

The main responsibility of Financial Reporting & Analysis is the provision of relevant, timely, accurate and reliable financial information and services to all stakeholders. We adhere to generally accepted accounting standards and conventions and are guided by the University’s Financial Code. Included in the areas of responsibility are the:-

  • the maintenance of the Operating and General Ledgers for the respective entities.
  • ensuring that accounting/audit timetables are adhered to
  • preparation of ad-hoc and regular financial reports, as well as the annual financial statements
  • responsibility for the integrity of internal controls
  • the maintenance of Fund, Organization and Accounts codes


The Bank Reconciliation Unit

The Bank Reconciliation Unit has the responsibility for the analysis and reconciliations of all bank accounts held by the University of the West Indies, Mona Campus. The Unit is committed to ensuring that transactions in all bank accounts are accurate, properly coded and journalized for inclusion in the financial statements.
As a standard, the Unit aims to reconcile all bank accounts held locally on a daily basis, and for accounts held overseas within ten (10) working days. Currently transactions for local bank accounts are accessible on a daily basis via the Direct Access Facility with the bank, and hence up-to-date banking information is available on request.

The Fixed Assets Unit

Is a recent addition to the Financial Reporting & Analysis Unit and is currently implementing a new fixed asset system for the University. The Banner Fixed Assets Module has been approved for implementation as of August 1, 2001 for immediate capturing of fixed assets information, but is projected to be fully in place by January 2002.
This module will enable the University to establish and maintain a record of all fixed and moveable assets and is closely integrated with the Procurement and Payables Processes to allow for the creation of intermediate Origination Tag records automatically. The Procurement interface includes an automatic capitalization feature that work in conjunction with the system-wide Minimum Asset Value.

Another feature of the Fixed Assets module allows for the creation and maintenance of Depreciation records. Selection may be made from a variety of generally accepted depreciation methods. Individual financial adjustments to Permanent Tag or Depreciation records originate in the Fixed Assets module and are synchronized between the Fixed Asset Subsidiary Ledger and the General Ledger. The module also includes tranfer, history and reporting capabilities to maintain an accurate inventory of the custody and location of fixed and moveable assets.

In keeping with the mission of the Bursary our team is committed to delivering prompt, efficient and courteous service to all in a customer friendly environment. We are team players who show respect to all. It is our pleasure to be of service to you, and do welcome your comments and suggestions.