• Monthly, by the 15^{th} of the month, after soft close and after acquisitions, disposals, and depreciation have been recorded for the month

Steps:

• Run a report of fixed assets by asset type from the fixed assets system.
• Run a trial balance report of fixed assets and accumulated depreciation accounts.
• Compare to find any differences.
• Research and resolve differences.
• Post correcting entries prior to month-end system close.
• Prepare reconciliation summary including:
• Submit reconciliation package to the Controller for review.
• oAll supporting documentation.
• oExplanations for any reconciling items with instructions for corrective actions to be taken to resolve, if they cannot be resolved before month-end system close.
• oDocumentation 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.
• oPreparers' electronic, time-stamped signature.

Accounts Payable Reconciliation

Responsible position(s):

• Accountant

Required documents and access:

• Banner

Frequency and timing:

• Monthly, by the 15th of the month, after soft close

Steps:

• Run an AP Open Invoices report.
• Run a trial balance report for AP.
• Compare to find any differences.
• Research and resolve differences.
• Post correcting entries prior to month-end system close.
• Prepare reconciliation summary including:
• oAll supporting documentation.
• oExplanations for any reconciling items with instructions for corrective actions to be taken to resolve, if they cannot be resolved before month-end system close.