Contract and grant accounts should be monitored on a continuous basis and reconciled monthly to ensure only allowable costs are charged to a specific account and that all project-related costs are charged to the specific account.  The monitoring process includes pre-audit review of proposed expenditures at the department, PI and contract and grant accounting levels.

The departmental bookkeeper or project accountant is responsible for conducting the initial pre-audit review and the monthly reconciliation.  The financial records of the department should reflect the monthly reconciliation was conducted.