Account Certification Improvement – Investment Income

First impact comes in February

We are excited to announce an important update to the monthly account certification process developed based on valuable feedback from our Account Certifications Listening Tour and aims to simplify and streamline the certification process for all stakeholder units. 

Beginning with the January account certifications generated on February 1, UVAFinance is removing investment income from the account certifications completed by units across grounds and moving the reconciliation process for this activity to UVAFinance.

Specifically, we will no longer include three ledger accounts that make up investment income: 4400: Investment Income, 4401: Investment Income - Debt Proceeds, and 4402: Investment Income - OSP. 

 

As we continue developing a long-term solution for a more value-added reconciliation process, we hope this update reduces complexity for everyone involved. 

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What to Expect

• January Account Certifications: The changes will take effect starting with the January certifications generated on February 1. 
• Prior Account Certifications: 
  • No retroactive changes will be made to prior period account certifications. 
  • Certifications for any period before January 2025 will still include the investment income ledger accounts.  You will still be required to review and submit any account certifications that were created.
• Details for Account Certification Report: The Details for Account Certification report will be updated to reflect this change. However, note that since investment income will no longer appear in the report, you may see a mismatch in values between the report and prior certifications. Please continue to certify investment income for earlier periods, even though the activity is no longer displayed in the updated report.

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How Monthly Account Certifications Are Impacted

• Scenario #1: Investment Income Activity Only: No account certification will be generated. 
• Scenario #2: Revenue, Expense, and Transfer Activity (Including Investment Income): An account certification will be generated, but investment income ledgers and associated balances will be excluded. 
• Scenario #3: Revenue, Expense, and Transfer Activity (No Investment Income): Account certifications will be generated as usual, with no changes to the total ledger balance. 

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Looking Ahead

We appreciate your ongoing feedback and support as we enhance the account certification process. These updates are a step toward unveiling a significantly improved reconciliation process in the coming months.

If you have questions or need further clarification, please reach out to us at AskFinance@virginia.edu.