The purpose of the reconciliation process is to compare the transactions entered into the department's funds in the university general ledger to the department's input documents or other documents, either electronic or paper, and to determine which are complete, which are outstanding and which are in error and require correction. Reconciliation ensures consistency and accuracy between the department's records and the university financial reports.
Reconciliation is a very important function.
Through a standard reconciliation process, the fund manager can determine the appropriateness of charges to their funds, both the amount that was charged and the ChartField combination to which it was charged. Each fund should be reconciled monthly. All financial transactions entered on-line by the department should be reconciled monthly to their internal source document or log. All financial transactions from all source systems - Human Resources, Procurement, Stores, service operations, billing units and other entities that provide financial data to the General Ledger should be reconciled to supporting documentation. Supporting documentation, either paper or electronic, must be adequate to support the financial transaction.