Account Reconciliation

As of June 2020, the Handbook of Business Procedures, Chapter 2.5 outlines that all accounts must be reconciled on a monthly basis. While account reconciliation has been around for a long time, what's new is having an articulated policy that mandates it being done within a specific, regularly occuring timeframe - in addition to the annual certifying of accounts process that we undertake at the close of each fiscal year.

If you happen to be new, or you've been shielded from the not-very-fascinating world of account reconciliation and you're wondering what the heck it is, well...

• In a nutshell, it's when a dept/unit level administrative staff member (like you) heads into *Define or FRMS and goes through each month of expenses currently showing as unreconciled and you reconcile them, essentially saying:
  
  'Yes, this charge is correct, accurate, appropriate, compliant, allowed on the account, etc., and while I may not be willing to bet my entire life savings on it, I'm certainly willing to confirm in writing that it's correct.'
   
  • And you keep doing this, subaccount after subaccount, transaction after transaction, with every unreconciled transation until you've sworn up, down and sideways that all the transactions are correct and true. You've never done so much swearing until you've reconciled accounts at UT! 

Here's the Recommendation

Because there is now a policy detailing this requirement, it is now an HR actionable item with consequences regarding expectations and performance...

• Make sure you are clear about your responsibilities for account reconciliation.
• If additional parties are involved in your unit's reconciliation process and you're not quite clear on how to approach this, talk to your unit admin lead, or reach out -we can come up with expectations and best practices going forward.

Coming soon

Coming soon

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