Grants Receivable Reconciliations
Responsible position(s):
Accountants
Required documents and access:
Banner
Frequency and timing:
Monthly, by the 15^{th} of the month, after soft close and grant billing has been completed
Steps:
Run a report of accounts receivable aging by grantor from the grant subsidiary ledger.
Run a trial balance report of grants receivable.
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.
TGRAGES
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.
Prepaid Expense Reconciliations
Prepaid expenses include annual insurance policies, postage accounts, and various other annual fees expensed over the course of the fiscal year or individual expenses prepaid for a future period.
Responsible position(s):
Accountants
Required documents and access:
Banner
Prepaid schedules or external system account balances
Monthly, by the 15th of the month, after soft close