2023-006 - Significant Deficiency - Recording Expenses in Proper Period
WPHW understands this finding and recognizes that correction that were planned for FY23 were not able to be fully implemented. WPHW accounting department went through some staffing position shifts in the Q2 of FY24 to assist with separation of duties, which will help address the expense recording process. The follow process will be implemented to address this finding:
1) Accounting Specialists, AR/AP Manager, Accounting Manager, and Accountants will be trained by the Director of Accounting on the appropriate manner of recording expenses in the proper period.
a. Follow up trainings will occur quarterly as part of the Accounting Team Meetings
b. Team training will cover accrual process and the process to enter invoices as received vs incurred. This process has been implemented within FY24 and as it continued process in which this WP HW team is continuing to hone and define for the organization to ensure transactions are being properly recorded revenue recognition entry for restricted and non-restricted revenue into QuickBooks, the supporting documentation process, and the review process
2) Accounting Director will look for additional outside training to ensure all staff have development opportunities
3) Accounting Specialists will enter expenses into to system and the Accounting Manager, Accountant, and Accounting Director will all review the entry to ensure the correct categorization of expenses
a. WPHW has implemented this step earlier in the review process, and with multiple people, avoid said issues
This process will be implemented during Q4 FY24 and all prior entries will be reviewed by the Director of Accounting for accuracy.