Financial Records System Reconciliation of Account Balances 1. This administrative memorandum sets general guidelines for universities to follow in developing FRS reconciliation procedures. Each component of the University of Houston System shall develop procedures for monthly reconciliation of each account in FRS with departmental records to ensure accuracy and propriety of the entries. General ledger and sub-ledger accounts are to be monitored each month through the preparation of a reconciliation report. The reviewer should initial the reconciliation documents.
Account managers are responsible for reviewing monthly reconciliation reports.
Reconciliation reports shall be filed at the department and made available to internal auditors upon request. Reports are to be retained for a minimum of one month until the next month's reconciliation has been completed. End of year reconciliations are to be retained for one year.