Other Accounts Reconciliation

This process covers the reconciliation of those general ledger balance sheet accounts having account detail independent of the general ledger database.

This technique does not cover the activities related with the reconciliation of the following:

• Accounts receivable aging balances
• Inventory balances
• Accounts payable aging balances

Policy

Each balance sheet account is reconciled each period having account source documentation independent of the general ledger database is reconciled to that source not having account source documentation independent of the general ledger database is reconciled through confirming that the account balance is exact, based on the superlative obtainable info

Bank account reconciliations

• are achieved during the period when the statement is received
• are not performed by anyone responsible for processing cash receipts or cash disbursements

All bank account is related with a single general ledger object code.

Accounts recorded as other receivables not supported by an invoice should be supported through a legal document, such as a note or contract.

Responsibility

The GL Accounting Manager is responsible for

• confirming that all general ledger account balances are reconciled
• auditing all balances having inconsistencies
• defining the causes of discrepant balances
• defining the proper offsetting accounts to debit and credit
• modifying discrepant balances
• posting reconciled items to the general ledger for all inconsistencies

• Distribution
• Director of Accounting Services
• GL Administrator
• GL Accounting Manager

Ownership

The Director of Accounting Services is accountable for confirming that this document is essential, imitates actual practice, and supports University policy.

Activity Preface

This activity is executed each month after the close of the general ledger.

The accounts covered through this activity are those having account detail independent of the general ledger database. The reconciliation of balance sheet accounts is planned towards confirm that

• normal journal entries were posted precisely
• The source documentation is exact
• Transactions have remained posted to the correct account
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