Frequency and timing:
- Monthly, by the 15th of the month, after soft close
Steps:
- Run a trial balance report for Deferred Revenue.
- Determine if the conditions have been met to recognize the deferred revenue.
- Reclassify deferred revenue for funds that have a Grants AR balance (revenue was recognized).
- Prepare a summary schedule of deferred revenue balances with:
- Submit reconciliation package to the Controller for review.
- oExplanations of the conditions required to recognize remaining deferred revenue by fund.
- oDocumentation of management communication on follow up items that have not been determined whether the condition has been to resolve 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.
Deposits Reconciliations
Responsible position(s):
Required documents and access:
Frequency and timing:
- Monthly, by the 15th of the month, after soft close