1. General Ledger Reconciliation (BTFA03)
Presented by the FSU Controller’s Office

2. Reconciliation Objectives
Verify the accuracy of the General Ledger
Ensure sound financial management of University resources
Provide management, auditors, and other users with reliable financial information.
Reconciliations help to ensure proper internal controls and detect/prevent fraud- this is a critical departmental function
The Business Management Guide on the Controller’s website contains detailed information on internal controls

3. Reconciliation Guidelines
07-08 Ledger Reconciliation Guidelines
Go to Controller’s webpage.
Look on the Resources menu to your right, and click on the link “Controller’s Memoranda”
Scroll down to find the Ledger Reconciliation Guidelines

4. Reconciliation Guidelines What should be reviewed?
Obtain departmental ledger reports
Trace to supporting documentation
Verify:
Dollar Amount
Account Code charged
Budget charged
Allowable expenditure
Expenditure Guidelines located:
First listed resource on the right side of the page

5. Reconciliation Guidelines What are the final steps?
Correcting Journal Entries
Finalized recon MUST include:
GL Balance information
Name of preparer
Date prepared
Name/signature & date of reviewer
Reconciling items and notes on their resolution
Adequate supporting documentation of all transactions

6. Reconciliation Guidelines Who can perform/review?
It is critical that proper segregation of duties is maintained
The Budget Manager/designee should perform the reconciliation
Employees who originate and/or authorize transactions being reconciled SHOULD NOT perform or review/sign off on the reconciliation
Preferably, review/sign off should be done by someone at the supervisor/management level

7. Reconciliation Guidelines Timing of reconciliations
When is it due?
Completed, reviewed and signed off by end of the 2nd succeeding month
Reconciling items resolved by the end of the 3rd succeeding month
Retain Reconciliations 5 years

8. High Level Analysis Review OMNI Summary Ledgers for:
Positive/sufficient cash balances (Auxiliaries)
Positive/sufficient available balances (E&G, Carryforward)
Any liabilities that did not clear from the previous month
Tie OBI transaction details to summary ledgers

9. Reconciliation Demo

10. Expense and Revenue Source Documents
Must support all transactional information on the departmental ledger
Most detailed work relates to Expenses
Revenue source documents will vary widely
Let’s reconcile one of your budgets….

11. Reconciliation Lab

12. Build the E-Recon
Full step-by-step instructions can be found on the Controller’s Sharepoint
Controller's Office SharePoint Link > Training > BTFA03 GL Recon

13. Revenue Source Documents
Will vary widely from department to department
Source Documents include:
Revenue Deposit forms (DT118)
Revenue-to-Revenue Transfer forms
Departmental Refund Forms
Bank Deposit Slips
SFS Cashier Receipts
Returned Checks
Auxiliary AR/Billing Activity (BI journals) for auxiliaries using this system; see AR/Billing training guides
Most backup will not be in OMNI; necessary to work with appropriate staff in your department

14. Corrections Departmental Online Journal Entries (DOL) Form
Find on the Controller’s webpage under General Accounting Forms
Also covered in BTFA01
Remember:
Consult the Expense Account Short List or Data Dictionary when determining proper coding
Signed form should be ed to General Accounting
Revenue to Revenue Transfer Form / Student Financial Services (SFS) OMNI Correction Form
Be sure to use if correction effects revenue account(s)
Instructions for forms are available

15. Reconciling Encumbrances
What is an encumbrance?
Encumbrances are established by:
Travel Authorizations
Purchase Orders
Payroll Charges
Track Encumbrances to make sure they are closed when final payment is made
Research encumbrances older than 90 days
POs: Purchasing > Purchase Orders > Review PO Information > Purchase Orders
Travel Requests: Within Concur

16. Reconciling Encumbrances
What if an encumbrance is no longer needed?
Cancelling a Purchase Order
Issue a Change Order
Cancelling a Travel Request
Cancellation done in Concur

17. Contact Information
Quality Assurance
Josh Miller – UBA
Slides available at:
Located under “General Ledger training materials”