Accounting Services

Effective:   June 1, 2000
Related Guideline

Departmental asset and liability accounts are to be reviewed monthly to help assure the validity of the University accounting records by comparing the University accounting records balance to the supporting departmental documentation.

There are some institutional level asset and liability accounts for which reconciliation responsibility is assigned at the institutional level (generally Accounting Services personnel). Refer to the appendix for assignment of responsibility, whether institutional or at the budget center/department level.

Based on the Separation of Financial Administrative Duties policy, individuals assigned responsibility for performing these reviews should be independent of the transactions related to the asset or liability. Where complete separation of duties and responsibilities is not feasible, the reconciliation should be reviewed and approved. The review and approval of the reconciliation is the responsibility of the department head or their documented designee.

Employees should be adequately trained to perform the reconciliation procedures.

The reconciliation process is to be adequately documented (either in an electronic format or a paper copy) in order to allow for future review and verification of the reconciliation. Reconciling items should be resolved in a timely manner.