• Insurance:

Postage:

Other prepaid items:

• oRun a trial balance report on prepaid insurance.
• oCompare the schedule of prepaid insurance after expense entries have been posted to the trial balance.
• oRecalculate the balance in prepaid by policy to the monthly expense time the remaining months in the policy to ensure reasonableness.
• oConfirm renewals with risk management when prepaid amount has 3 months remaining to ensure policies do not lapse.
• oRequest a report from the postage machine(s) that provide the balance in the prepaid account at month-end.
• oRun trial balance report after postage expenses have been uploaded.
• oCompare to find any differences.
• oResearch and resolve differences.
• If external postage account balance is lower than the trial balance, this indicates that postage was used that was not charged to a department.
• If the trial balance is lower than the external postage account balance, this indicates that postage may have been charged back to departments at a higher rate than was used.
• oPost correcting entries prior to month-end system close.
• oPrepare reconciliation summary including:
• All supporting documentation.
• ■ Explanations for any reconciling items with instructions for corrective actions to be taken to resolve, if they cannot be resolved before month-end system close.
• ■ Documentation of management communication on follow up items that have not been resolved by the next reconciliation, i.e., all reconciling items should be resolved by next month's reconciliation; no items should be carried forward more than one month.
• ■ Preparers' electronic, time-stamped signature.
• oSubmit reconciliation package to the Controller for review.
• oReview detailed listing of prepaid items to determine whether there are any that should have been expensed before soft close.
• It so and the expense relates to grants or fixed assets, notify grant accounting and fixed assets accounting to make appropriate adjustments in their month-end entries to capture the additional expense.
• oCompare the total of the detailed prepaid listing to the trial balance after any additional items have been expensed.
• oResearch and resolve differences.
• oPost correcting entries prior to month-end system close.
• oPrepare reconciliation summary including:
• All supporting documentation.