382 PART II Transaction Cycles and Business Pro request by top management, assuming that the nightly updates to the general ledger are sufficient. 7. INTERNAL CONTROL Expand Figure 8-5 in the text to incorporate the journal voucher listing and general ledger change report as control mechanisms. Also discuss the spe- cific controls they impose on the system. 8. ORGANIZATIONAL CHART Prepare an organizational chart for your university. (Your campus phone directory catalog may be helpful.) 9. DECISION LEVEL The periodic nature of financial reporting in most organizations establishes it as a batch proces illustrated in Figure 8-4. This often is the case for larger organizations with multiple streams enue and expense transactions that need to be reconciled before being posted to the GL. Man ganizations, however, have moved to a real-time GL/FRS that produces financial statements mort notice. Figure 8-5 presents a flowchart of a real-time GL/FRS. A noteworthy feature of FIGURE 8-5 REAL-TIME GENERAL LEDGER AND FINANCIAL REPORTING SYSTEM Financial Reporting Group Departments Data Processing Department Prepare Financials Sales System General Ledger Purchases System Adjusted Trial Balance Statements Financial Integrated Transaction Processing System GL/Financial Reporting System Closing TB Post Payroll System Journal Vouchers General Ledger Department Other Systems Review TPS applications post in real time directly to the general ledger and concurrently create a journal voucher for each posting Management Reports Cegielang 2013 File