Research Accounting recently completed a review of transactions posted to projects funded by the Tri-Council agencies (NSERC, SSHRC and CIHR). The goal of this review was to first identify transactions posted to expense accounts which the Tri-Council agencies deem ineligible. The second step involved determining if the transaction was ineligible in nature per Tri-Council regulations, or if the transaction was in fact eligible and simply charged to an incorrect account. Depending on the final determination, the appropriate journal entry was then processed in order to correct the issue.
As such, the annual Form 300s or statements of account for the period ending March 31, 2014, may contain adjusting entries which do not appear familiar to grant holders as a result of the review. However, please note that ending balances reported on the annual Form 300s will be reconciled to the General Ledger.
Going forward, rules will be implemented in PeopleSoft Finance, in order to prevent transactions from being posted to ineligible accounts. A listing of eligible accounts is available on the Financial Services website at http://www.queensu.ca/financialservices/researchresources/fundyagencypoliciesnadguidelines/tricouncilgrants.html