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The George Washington University Comptroller’s Office

The George Washington University Comptroller’s Office. Account Reconciliation and Analyses. Account Reconciliations. Monthly Reconciliations Quarterly Schedules Year End Reports. Reconciliations Verify General Ledger Account Balance to Third Party Document Bank Statement

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The George Washington University Comptroller’s Office

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  1. The George Washington University Comptroller’s Office Account Reconciliation and Analyses

  2. Account Reconciliations • Monthly Reconciliations • Quarterly Schedules • Year End Reports

  3. Reconciliations Verify General Ledger Account Balance to Third Party Document Bank Statement Insurance Invoice Adjusting Entries Schedules Reflect the activity for the current reporting period Aging and Trend Analysis Verify Beginning and Ending Balances to General Ledger Choosing the Right Analysis Tool

  4. Record adjusting entries before month close Initial and date reconciliations Double check your calculations Include file path in spreadsheet footer Reconcile total account balance Meaningful analysis is expected Data Dumps are not acceptable Use proper supporting documentation General Standards and Procedures

  5. Balance Sheet Reporting Segments Reconcile subsystem reports to trial balance Review current activity in General Ledger Prepare Aging reports Reconcile year to date activity to change in account balances rolled forward Follow up with responsible parties regarding any unusual/old balances Record Retention Checklist

  6. Approval Process • Forward all completed reconciliations to your manager for approval • Reconciliations should be packaged in a manner that is easily reviewed • Variance Explanations should be clear and concise • Backup items may be attached but do not use staples

  7. System Updates • Scanned into Imaging system • Update Microsoft Project with reconciliation status

  8. QuarterlySchedules • Cover Sheet • Summary Account Analysis • Detail Account Analysis with Variance Explanations • Account Balance Roll Forward • Aging Reports and Schedules

  9. Schedule Templates • Reconciliation Responsible Parties • Preparer • Approver • Availability • Address on G: Drive • Draft Schedules will be generated after closing entries • Guidelines • Materiality Thresholds • Review Meetings

  10. Year End Closing • PBC reconciliations • Schedules to Financial Statements • Ad Hoc Reports

  11. Questions???

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