Kentucky State University Business Policies and Procedures Manual
Identify reconciling items that are unable to be matched.
Provide details of reconciling items to appropriate positions, Bursar's Office and/or Accounts Payable, to record or correct before the month is closed and before the reconciliation is completed, when possible.
List items that cannot be corrected before the month-end close in the reconciliation summary with supporting notes and documentation for all items listed and corrective action taken.
Complete reconciliation after all possible reconciling items have been corrected.
Submit completed reconciliations to Controller for review and approval.
Controller reviews and approves reconciliations; long-running reconciling items (more than one month outstanding) must be reviewed and addressed with the CFO.
Bank Reconciliation – Merchant Depository (Bank 59)
Depository
Responsible position(s):
Accountants without access to accounts receivable or cash
Required documents and access:
Bank statements and downloaded transaction activity
Banner access to cash account transactions
Access to 3rd party processor transactions, e.g., CashNet, SwipeSimple, Transax etc.
Frequency and timing:
Monthly, by the 15th of the month, after the soft close, i.e., after all cash entries, receipts and disbursements have been posted
Steps:
Download monthly bank statement when the bank sends notice that statements are ready for the month ended.
Prepare reconciliation files for each account with the bank account transaction details and Banner cash account details.
Match Banner detail from AR system TGIFEDH to the GL transaction total on FGIGLAC for all types that fed from AR to GL (document numbers Fxxxxxx).
FGIGLAC Banner general ledger detail
TGIFEDH Accounting Feed Detail History (AR feed to GL)
Advanced Filter, Add Fields
■ Transaction Date: Between beginning and end of month being reconciled
Account: Contains 110059
CashNet
SwipeSimple
Transax
Paper deposit files from Cashiers