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)
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).
- oFGIGLAC Banner general ledger detail
- oTGIFEDH 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
- oCashNet
- oSwipeSimple
- oTransax
- oPaper deposit files from Cashiers