Written by Stefanie Keto, Assistant Director Post Award (CNR).
Recent discussions about the importance of account reconciliation within the realm of contracts and grants highlight the Online Monthly Activity Reconciliation (OMAR) tool. As an avid user of OMAR for over a decade, I can attest that this tool offers transparency and efficiency to the reconciliation process. I know adding another process or step into a workflow may seem daunting, but OMAR simplifies reconciliation.
One of the best features is that OMAR integrates with both the Wolfpack Reporting System (WRS) and the Financial Systems within MyPack Portal. Transactions are seamlessly updated into OMAR the day after the Financial System processes daily payments. Additionally, transactions can be reviewed and reconciled directly within OMAR, based on parameter searches and visible as reconciled in WRS the next day.
Lastly, since this tool can be used for all funding sources, any project requiring reconciliation can be searched and reconciled and/or tracked as cost share as needed.
OMAR Integrations
Integrating OMAR into your department or unit’s current workflow depends upon the following:
- The department or unit is already reconciling transactions outside of OMAR. Potentially, a department or unit might be downloading the Excel file from WRS to use for reconciliation. Transactions marked as reconciled in OMAR will reflect the accurate reconciled status in your downloaded spreadsheets. However, the recon columns in WRS will need to be shown prior to downloading the Excel format. The OMAR Guide offers guidance on how to use the system and integrate this step into the workflow with just a few clicks.
- The department or unit is not currently reconciling transactions.
There should be careful considerations to establish the appropriate internal controls to ensure expenses are posted to the ledger correctly. In addition to the OMAR Guide, the University Controller’s Office has introduced a new Internal Controls training to provide additional guidance on how to set up proper internal controls. - Posted PCard transactions need verification.
These can also be reviewed in OMAR using the ‘show auto-reconciled’ transactions feature. Salaries will show up when this is selected, as reflected in WRS report P1, and no personnel data will be visible. Salary reconciliation will need to be handled with a different method. - Avoiding duplication of corrections or inaccurate transactions.
OMAR allows for easier tracking for expenses that need to be corrected or that have been corrected and reduces potentially correcting a transaction twice.
Incorporating OMAR into the account reconciliation process potentially simplifies workflow by eliminating the need to download and keep additional Excel files and identify errors quicker, potentially preventing bigger issues further within the project life cycle.
As a reminder, a best practice for reconciliation always involves a separate individual in the reconciliation process who is not the approver. By creating a separation of duties, the extra layer of oversight enhances compliance. This role can be filled by another person within the office, splitting tasks between two approvers, or, if funds are available, hiring a dedicated individual specifically for reconciliation.