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Monthly Reconciliation

Overview

Monthly reconciliations and reviews are a key fiscal management control ensuring University financial transactions are accurate, allowable and complete.  Best practice is to complete the reconciliation as soon as the reports for that month are available.  This practice provides the opportunity to correct errors as quickly as possible.

The reconciliation process may feel tedious but is essential to your department and the University’s internal controls and integrity.  Proper and timely reconciliation prevents and detects fraud, assists in assigning employee accountability and improves the accuracy of financial information.

Additional Resources:

Tier 1 (Reconcilers)

Tier 2 (Reviewers)

Tier 3 (Leaders)

Staying Informed

If you are responsible for completing reconciliations, please make sure you are subscribed to the UFACC listserv, which alerts subscribers when the Monthly Financial Reports are available.

Guide to Reconciliation

The Guide to Reconciliation provides best practices for completing monthly financial reconciliation and review.  The first three sections provide background information to set a foundation of understanding about your reconciliations and Monthly Financial Reports (also called departmental ledgers).  The later sections provide a more detailed guide on suggested steps to complete the monthly reconciliation and review and offer additional resources that may be helpful to you throughout this process.

Note: The guide is not meant to be prescriptive in nature or dictate a process that must be followed by every department.  The University is made up of a variety of departments and one size does not fit all.  Instead, the guide is meant to provide best practice suggestions, tips, and reminders – especially for those who are new at the reconciliation and review process.  Ultimately, the Vice President, Dean, Director, or Department Head is accountable for the department’s financial activities and will decide on the reconciliation and review process that is best for each department.

Monthly Financial Reports Guide to Reconciliation

Sample Monthly Financial Reconciliation Certification

Last Revised

6/20/2019: reviewed content

Toolkits

UF HR Toolkit – Reconciliation

Training

PRO303 – Internal Controls at UF

PST130 – Reconciliation

Contacts

University Controller’s Office: (352) 392-1321