Ensure that documentation exists for each amount that is recorded in the accounting records, and the item is posted to the correct chartfield for the correct amount. Based on volume of activity in an account, the department head may establish an internal policy that eliminates the need to reconcile amounts below a certain amount. If a department head has established such a policy, ensure that documentation exists for each amount above the established threshold. Items that are identified as reconciling items should be cleared or resolved as soon as possible. This communication should be by paper copy memo or via e-mail.
Accounting entries are in agreement with our documentation.
University procedures do not require a review of the reconciliations, if adequate separation of duties is accomplished. However, if it is not feasible to have complete separation of duties, an authorized individual should review and approve the reconciliation. With or without complete separation of duties, as indicated in step 7 above, a responsible employee should monitor to help ensure that reconciliations are being performed in a timely manner. Technical problems or questions should be directed to web manager.