RECONCILIATIONS - REVENUE MONTHLY DETAIL REPORT
Effective: June 1, 2000
Revised: Aug 31, 2002
1. After each month is closed, notification is sent out when the Revenue Detail Reports are available. Budget centers/departments may print these reports and distribute them to the appropriate independent personnel for reconciliation of the University accounting records to the departments' source documents.
2. Ensure that originating documents (i.e. proof of goods or services provided with related invoice, pre-numbered receipt, cash register tapes) exist for each amount that is recorded in the accounting records, and the item is posted to the correct chartfield for the correct amount.
3. Inquire about items for which there is documentation (i.e. invoice, pre-numbered receipt, bursar's receipt, etc), but no accounting entry reflected.
4. Inquire about items on the Revenue Detail Report for which no documentation exists.
5. Items that are identified as reconciling items should be cleared or resolved as soon as possible.
6. Upon completion of the reconciliation, place the following certification on the reconciliation hard copy: "Reconciled by (reconciler's name) on (date)."
7. The reconciler should inform a responsible individual (Budget Center Director, Department Head, etc.) that the reconciliation(s) has been performed and that all items agree with the backup documentation. This communication should be by hard copy memo or via e-mail. An example of the statement that the reconciler should make is:"I have reconciled all revenue accounts for department numbers _____, ____, and _____. Accounting entries are in agreement with our documentation.Reconciler's Name _____________ and Date __________."
8. 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.