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.
Payroll Liabilities Reconciliations
Responsible position(s):
Accountants
Required documents and access:
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Frequency and timing:
Monthly, by the 15th of the month, after soft close
Steps:
Run payroll deduction and benefits registers for the payrolls processed during the month.
Run a trial balance report for AP.
Ensure that credits posted to the payroll liability accounts from the payroll process are cleared by applicable payment of payroll taxes and benefits.
Research and resolve differences.
Adjust payroll system set up and/or post correcting entries prior to month-end system close to resolve reconciling items.
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.
Deferred Revenue Reconciliations
Responsible position(s):
Accountants
Required documents and access:
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