Reconcile Indexes

Reconciliation of expenses at regular intervals ensures clean accounting records in an efficient and timely manner. It also reduces the amount of work required to close the books at fiscal year end. All reconciliation systems follow the same basic format as described below. Possible variations based on circumstances or preferences have also been included. Development of and commitment to this habit is the #1 predictor of an easy and painless fiscal year end close.

TIMING

Within a week of the fiscal period closing each month. Possible variation = quarterly for indexes with very little transaction activity.

Why?

• Regular, predictable and scheduled.
• An email is sent out from UFS (University Financial Services) that can act as a trigger and reminder.
• Can help to spread out JV (journal voucher) activity so UFS is not overwhelmed just before the close of the next fiscal period closing.
• Makes it easy to know what date range to use for the report which in turn ensures nothing is missed.

Report to Run = FGRZODTA

The Organization Detail Report is found in the BANNER FIS Report Menu.

Each month run this report from the 1st through the last of the month for the fiscal period which just closed. Setting up the report parameters as per the example below excludes all payroll transactions. This is desirable because the payroll data that comes through on this report is in summary form which makes it useless for reconciliation.

Report parameters to enter:

This report can be run to a printer or to the web which means reconciliation can be paper based, fully electronic, or a combination of the two. The links below detail what each kind of system would look like in action. What matters is that the reconciliation is done on a regular basis AND that proper documentation is maintained in the department. The system choice is a style choice for the department administrator.

>> Paper based system.

>> Electronic records based system.

>> Combo system.

The Service and Supply Reconciliation Process:

• Setting up your template
  • Run FGRZODTA using the parameters laid out above and have it sent to your e-mail (printer = web, this is the default)
  • Open the Index Template (at the bottom of this page
  • Once you get the e-mail from banner, open the link that ends in .csv
  • Copy the information into the blue box of the index template. If you have information there from a previous month, scroll down to the first open row and insert at the bottom.
  • HINT: The blue box is a table and you can use it to sort out transaction you've already reconciled.
  • HINT: Use the notes column to track progress on resolution.
• First Run Through
  • Match up invoices, reimbursements, p-card transactions, and any other documents on file with the line items on the report verifying the amount charged to the index and that the correct FOAPAL was used. The most common problem is a missing activity code.
  • Mark the line item as reconciled on the report if everything is a match.
  • If a correction is needed to where the expense was charged, do the JV on the spot so the correcting JV info can be noted on both the reconciliation report and on the face of the documentation. Printing a copy of the correcting JV can help the following month's reconciliation go more smoothly.
• Second Run Through
• Look for transactions that were not marked as reconciled from the first run through.
  • Some of these may be okay, while others need further investigation.
  • Examples of line items that are usually okay and can be marked as reconciled without additional information:
    • Mailroom charges in line with historical norms for the department.
    • JVs from the prior month's reconciliation.
    • Examples of line items that deserve additional scrutiny:
    • Facilities charges: do they match up with a work order in the AIM system? If not, contact the Facilities accountants for more information.
    • JVs that were entered by someone outside of the department.
• Wrapping Up Service and Supply Reconciliation
  • Are there any documents that ought to have been included but are not? Some further investigation may be needed.
  • Once your services and supplies are reconciled it's time to reconcile your payroll.