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Account Reconciliation

Account Reconciliation. UT System Administration Policy – UTS 142.1.

emery-waller
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Account Reconciliation

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  1. Account Reconciliation Business Affairs -Your Partner for Successful Solutions

  2. UT System Administration Policy – UTS 142.1 • 3.2 Certifications by Account Owners (Subcertifications). Each Account Owner should provide a subcertification annually to the Financial Reporting Officer. Each institution’s Financial Reporting Officer should decide at what level the subcertification is required (e.g. Dean, department head, etc.). The minimum requirements of the subcertification letter are included in Appendix 2. • http://www.utsystem.edu/policy/policies/uts142_1.pdf Business Affairs -Your Partner for Successful Solutions

  3. Highlights of New Certification Form required by UT System • Acknowledgement of responsibility • Certification of reconciliation and that all transactions were appropriate • Certification that errors were adjusted • Certification of segregation of duties • Enter & Approve transactions; Receive cash & reconcile Business Affairs -Your Partner for Successful Solutions

  4. Highlights of New Certification Form required by UT System (cont) • Certification of sound internal controls • Certification that no misstatements or omissions are evident on your SOA • Fraud Certification • Certification of compliance with Code of Ethics related to award of contracts Business Affairs -Your Partner for Successful Solutions

  5. Need for reconciliations and segregation of duties? • Funds availability • Exposes lack of internal controls • Risk management Business Affairs -Your Partner for Successful Solutions

  6. Compliance Quality Assurance Review (QAR) • Report of responses sent to Office of Compliance and Risk Management • Compliance may use this list to formulate their future QAR visits to departments Business Affairs -Your Partner for Successful Solutions

  7. Small Budgets (< $100,000) • Compare beginning balance • Verify each charge, deposit, transfer and encumbrance showing on SOA • http://www.utsa.edu/accounting/Accounting/ReconcilingSmall0309.htm Business Affairs -Your Partner for Successful Solutions

  8. Business Affairs -Your Partner for Successful Solutions

  9. Business Affairs -Your Partner for Successful Solutions

  10. Large Budgets (> $100,000) • More extensive review required • Must track pending expenses, transfers, encumbrances & revenue • http://www.utsa.edu/accounting/Accounting/reconcilinglargeaccts0309.htm Business Affairs -Your Partner for Successful Solutions

  11. Business Affairs -Your Partner for Successful Solutions

  12. Recon Methods • Excel spreadsheet • Quicken • Success stories from FAR members? Business Affairs -Your Partner for Successful Solutions

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