Account Reconciliation Policy

I. University Reconciliation Policy

The Naveen Jindal School of Management at The University of Texas at Dallas is required to reconcile all expenses and revenue received each period during the fiscal year for each cost center.

Reconciliation is a comparison of the monthly financial transactions in PeopleSoft to supporting documentation.

It is the reconciler’s function to ensure:

1. The accuracy and validity of entries in PeopleSoft;
2. That transactions are accurately recorded;
3. That unauthorized charges did not occur; and
4. That there is resolution of discrepancies.

Reconciliation, review and approval should occur within 30 days of month-end close. Additional information on The University of Texas at Dallas cost center reconciliation guidelines and procedures can be found on the Financial Management Services webpage.

II. Reconciliation Requirements

The staff member who has been assigned this responsibility should perform reconciliation on a monthly basis.

III. Reconciliation System

The area’s reconciliation system consists of digital records. It is the reconciler’s responsibility to complete the monthly reconciliation in the Account Reconciliation Application in PeopleSoft, and to file supporting digital documentation in their storage area.

It is recommended that digital files be organized by fiscal year, cost center and accounting period. The fiscal year file includes the reconciliation for each period.

IV. Reconciliation Procedures

Reconciliation begins each month by accessing the Account Reconciliation Application within Gemini Financials in the PeopleSoft system. The reconciler uses a combination of resources to effectively and accurately verify financial transactions.

Summary of Reconciliation Process:

• Access the Account Reconciliation page in PeopleSoft
• Download ARA Query from Gemini Financials if using FlickBooks
• Upload the ARA Query into the FlickBooks account reconciliation tool
• Print a statement of the expense transactions for each cost center
• Identify any inaccuracies or incomplete financial information and initiate corrective action
• Complete the system reconciliation by clicking the reconciliation check box (notate any errors)
• Gather digital records for required source for the period’s account reconciliation

Source Documentation for Reconciliation

Reconciling Expense Transactions: Verified in Galaxy, not included in file

• eProcurement(Purchase Orders, Purchase Vouchers, Invoices, Receipts, Leases, Temporary Guest Agreements, Employee Non-Travel Reimbursement, Travel Vouchers, Independent Contractor Forms)
• Gemini HR(Wages/Salaries: ePARs, Time & Labor timesheets and reports, Labor Distribution Reports) – if applicable
• Gemini Financials (Interdepartmental Transfers [IDTs], Journals)

Reconciling Expense Transactions: Examples of Source Documentation in File

• Credit card receipts
• Fees/Charges for University services/products: Catering Invoices, Facilities Management Work Orders, Business Card Requests, Printing/Copy Center Requests, Media Services Invoices, Parking Department Invoices, eCATs for keys and Comet Cards, eShip Global, Concur invoices, External Sales Invoices

Reconciling Revenue Transactions: Examples of Source Documentation in File

• Gift letters
• Miscellaneous deposits (for example, refunds): Deposit Forms
• Marketplace Revenue

File the digital receipts, documentation, etc., along with the monthly statement and retain as PDF for audit purposes.