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Goals and Reasons

Goals: While processing financial transaction, it is imperative we know the importance of processing transaction in a timely and efficient manner. We try to process transactions accurately and efficiently, create best value, follow policies and procedures and in compliance.

Glossary of Finance Terms

Accurate financial transactions

  1. Correct account
  2. Appropriate cost center
  3. Correct vendor, address, invoice, dates, and amount on vouchers
  4. Correct vendor and order information on requisitions and PO's
  5. Correct tax treatment
  6. Correct accounting treatment

Why is this important?

  1. Financial data is used by UH –Downtown and UH System management to make decisions. Bad data leads to bad decisions
  2. Financial data is evaluated for accuracy by internal and external auditors. Inaccurate data could mean loss of funding, fines, and bad publicity

Efficient transaction processing

Workflow/Document Imaging in Finance System

  1. Faster approval
  2. Track transactions through approval process
  3. Discard paper copy when posted

P-Cards for Non-Travel Purchases $5K or Less

  1. Fewer employee reimbursements
  2. Fewer vouchers to pay vendors
  3. Update cost center/account in GCMS
  4. $3K limitation for federal funds

Employee Self-Service for AP Direct Deposit

Compliance with donor, sponsor, university, state, and federal rules

External Rules

  1. OMB Circular A-81 (supersedes most other circulars; federal funds)
  2. US Treasury Regulations
  3. Texas Government Code
  4. Texas Constitution
  5. Texas Education Code
  6. Texas Administrative Code

Internal Rules

  1. UHS System Board of Regent Policies
  2. UH System Policies
  3. University of Houston-Downtown policy Statements

Best value procurement, while using HUB vendors whenever possible

Education Code : State universities may purchase goods and services by whatever method is deemed the best value for the institution (Section 51.9335)

Texas Administrative Code: Utilize HUB vendors whenever possible (Title 34, Part 1, Chapter 20, Subchapter B)

Texas Government Code: Prohibits payments to persons and companies "on hold" with the state (Section 403.055)

Texas Constitution: Printing must be competitively bid (Article 16, Section 21)

State fund rules

Federal fund rules: OMB Circular A-81, etc