Run a trial balance report on prepaid insurance.

Compare the schedule of prepaid insurance after expense entries have been posted to the trial balance.

Recalculate the balance in prepaid by policy to the monthly expense time the remaining months in the policy to ensure reasonableness.

Confirm renewals with risk management when prepaid amount has 3 months remaining to ensure policies do not lapse.

Request a report from the postage machine(s) that provide the balance in the prepaid account at month-end.

Run trial balance report after postage expenses have been uploaded.

Compare to find any differences.

Research 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.

Post correcting entries prior to month-end system close.

Prepare 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.

Submit reconciliation package to the Controller for review.

Review 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.

Compare the total of the detailed prepaid listing to the trial balance after any additional items have been expensed.

Research and resolve differences.

Post correcting entries prior to month-end system close.

Prepare reconciliation summary including:

All supporting documentation.