• 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.
• Submit reconciliation package to the Controller for review.

Payroll Liabilities Reconciliations

Responsible position(s):

• Accountants

Required documents and access:

• Banner

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.
• 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.

Deferred Revenue Reconciliations

Responsible position(s):

• Accountants

Required documents and access:

• Banner