When am I expected to begin the FRC process?
The FRC process begins a few days after the monthly close (i.e. between the 5-7th of the month). DMSE is starting with July 2023, which means the review process will begin around August 5, 2023.
How frequently do I have to do this?
The FRC should be conducted on a monthly basis and should be completed by the 21st of the month.
How long will this take?
Reviewing 100 transactions should take approximately 1 hour to complete. This process will go faster the more familiar you become with it; however, if you find that the review is taking substantially longer than 1 hour, please email Danforth Nicholas.
How did I get assigned this particular portfolio of accounts to review?
The finance team worked with DMSE admins to assign people accounts with which they were assumed to have familiarity, based on their job title and department role. The FRC process requires reviewers to go in and verify “Yes, I recognize this charge,” which is easiest done by someone who has familiarity with the associated cost object.
If you find that there are cost objects you’ve been asked to review that you have no familiarity with whatsoever, please reach out to the finance team at email@example.com.
Does this change my Quickbase or Buy2Pay purchasing process?
Not at all. The FRC process isn’t approving, creating, or paying for anything. You can think of the FRC tool as a checklist of revenue and expenses that you go through each month and review. We’re looking for reviewers to tell us “Yes, I recognize this charge and it looks correct” by marking transactions as Reviewed.
What do I do if a transaction looks incorrect?
Mark the transaction “IS” in Tableau, write a short note about what looks incorrect, and investigate the supporting documentation of the transaction. If you’re still unsure after reviewing the documentation, then reach out to the original purchaser of the transaction to confirm the expense.
I was told I could review transactions under $75 with a Visual Review instead of a full Document Review. Why don’t I see “VR” as an option for this transaction under $75?
If an Elevated or High Risk transaction is under $75, it won’t have an option to mark VR. You can mark these transactions as DR after you’ve completed your visual review of the line item without going through the full supporting documentation.
How do I know if a transaction’s amount is incorrect? Do I need to know the exact amount the transaction was supposed to be?
No. When we ask you to verify an item’s amount, we’re looking for you to flag any amounts that are clearly incorrect. For example, this could be a Buy2Pay purchase of pencils under the Office Supplies GL that costs $4,000. This amount seems unusually high for this type of transaction (the purchasing of pencils), so we’d ask the reviewer to mark the line as IS (Issue Identified), leave a comment (i.e. “amount seems too high”), go into Buy2Pay, and investigate the transaction details to see why the amount was so high.
What factors determine the risk level in High vs Low Risk transactions?
The risk level is determined by the Institute depending on the level of review an expense has gone through, the dollar amount of the transaction, and the likelihood of a transaction to be audited by the government.
- For example, Buy2Pay items go through multiple rounds of approvals, while JV’s are more likely to be automatically approved. This means that in general, B2P transactions are more likely to be Low Risk, while JV’s are more likely to be High Risk.
- Items like travel expenses, which also go through multiple approval stages, are still often High Risk since it tends to be an area subject to higher government auditing scrutiny.
I have a transaction that’s usually Low Risk (i.e. a B2P transaction) marked as High Risk. Is this correct?
Yes, please treat anything in the High Risk section as a High Risk item. There may something in the transaction amount or type that puts it at a higher risk for audit than other transactions in the same category.
Do I need to review non-DMSE accounts through this same process (i.e. MRL accounts)?
No, this process is only for DMSE accounts in your portfolio. You are not responsible for reviewing any non-DMSE accounts at this time
What if a purchase (i.e. large equipment) is split across multiple accounts, some of which are outside DMSE?
You are only responsible for reviewing the transactions or parts of transactions on DMSE accounts. So if you recognize the purchase, and the amount charged to the DMSE account looks correct, then the transaction can be marked as Reviewed.
What if my group is spending on an account held under another PI?
The PI (and admin) for that group are responsible for reviewing all the charges in an account where the PI is supervisor. If the lead PI would like you to review your group's charges, they should request to set up a child account for your group under your PI.
How do I review a negative transaction?
A negative transaction may be a refund or a JV reversal and should be treated the same as positive transactions. Does the line look allowable on the cost object, is it the correct GL, and is it for a reasonable amount? If so, then the transaction can be marked as Reviewed.
When I enter a comment in FRC, the form suggests text I entered for a prior transaction. Is this a problem?
This suggested text is the browser trying to auto-fill the form — you can safely disregard.
How far back does the FRC portal go?
The FRC portal gives you access to the past 6 months. However, we are only asking reviewers to review transactions for the previous month, starting in August 2023 (reviewing transactions for July 2023).
Who should I reach out to if I have a question not addressed here or in any of the guides?
Please email the DMSE Finance team at firstname.lastname@example.org with questions.