Monthly Account Monitoring

Access to accurate and timely financial information is essential for successful grants management. It is wise to review charges on sponsored accounts at least monthly in order to identify and correct errors as quickly as possible. The University provides reports in HART (Harvard Analytics and Reporting Tool) that are especially important for monitoring sponsored accounts: the Grants Financial Dashboard, the Detail Listing, and the Invalid Code Combination Report. See the monthly monitoring checklist to help guide you through the review process.

HART - Grants Financial Dashboard 

The Grants Financial Dashboard is a tool that you can use to monitor activity on sponsored accounts on a monthly basis.  It provides the financial position of an account as of specific date and will help you to validate costs on sponsored awards. The dashboards include all transactions posted to the General Ledger for a fund, activity, subactivity combination.  It shows expended amounts for the period selected and the project through that period, the budget posted to the General Ledger and the available balance per object code per subactivity.  The dashboard allows for subtotals so that you can easily subtotal by activity and subactivity combinations within each fund.  The dashboard also shows each object used for expenses income, and non-operating transfers.

HART  Transaction Listing

Like the Grants Financial Dashboard mentioned above, the Transaction Listing report should be reviewed each month and its transactions reconciled to appointment, purchasing, and travel data. Detail Listings record individual transactions in a specified period, sorted and subtotaled by a multitude of possible input parameters (e.g. Tub, Org, Object Code, Transaction Date, Fund, Activity, Root, etc.). Like the PER, the Transaction Listing is available in OBI, and output is in either excel or .csv format. 

HART Invalid Code Combination (ICC) Report

The HART ICC report should be reviewed monthly, and any invalid coding should be corrected via a journal transfer (with appropriate cost transfer documentation for federal awards). The Invalid Code Combination Report (ICC), located in the Grants Management Folder under Dashboards in OBI,  alerts the user to transactions posted using combinations of Chart of Accounts values that were either not part of the initial account setup or not “cross validated” subsequent to account setup.