401: Monthly Reconciliation. Deborah Long and Roberta Sullivan Casa Grande Elementary School District. Overview Part 1. RECONCILIATION: The action of reconciling is to check an account against another for accuracy.
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Deborah Long and Roberta Sullivan
Casa Grande Elementary School District
The action of reconciling is to check an account against another for accuracy.
In school district accounting, we reconcile our book or general ledger balance to the County Treasurer’s month end balance.
Auditors use information from outside sources like federal, state, or county records to verify many of our general ledger balances. Revenue totals are compared to state or federal records and expenditures are verified to detail records like invoices and personnel action records.
In accounting we reconcile to the detail documentation. In the case of a cash reconciliation, accountants reconcile to the bank balance or County Treasurer’s balance.
We will provide a comprehensive example of how to complete a monthly reconciliation to the County Treasurer’s ending cash balances. And, in addition, we will show how to account for and record taxes, state aid, and other reconciling items.
On a side note Pinal County has an option to allow us to download the statement to excel.
From the downloaded County Treasurer statement add the outstanding warrants for each reconciling fund to the Outstanding Checks column and the Treasurer Cash Balance in the worksheet.
Visions/GL/Transaction Inquiry/Journal Detail screen is where journal entries & deposits can be found that have been processed on the District side but not the County’s.
After finding the entries that have been processed on the District’s side and not the County’s these entries will be keyed on the Treasurer Cash Balance column.
Sometimes items have been processed on the District’s side but not until the following month these items along with ones the District has not processed will need to be keyed onto the District Cash Balance Column with note of the date it was processed.
Here is and example of deposits that were processed on the District’s side in June but were for the month of May and were processed on the County’s side in May as well.