Guide to Reconciliation
The purpose of this guide is to provide detailed instructions to assist with the monthly financial reconciliation process. The first three sections provide background information to set a foundation of understanding about your reconciliations and Monthly Financial Reports (also called departmental ledgers). It is important to understand these sections before you begin the process. The latter sections provide a more detailed guide on specific steps to complete the monthly reconciliation and offer additional resources that may be helpful to you throughout the reconciliation process.
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. Click here: http://www.fa.ufl.edu/departments/general-accounting/staying-informed/ to find out how to be added to this listserv.
Reconciliations are required monthly, and 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.