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