Reconciliation Report

Account reconciliation

Account reconciliation is a comparison of two sets of information: 1) the financial statement transactions and 2) support documentation.

Each transaction in the financial statement should be matched against the support documentation

Why reconcile departmental accounts?

  • To ensure that all revenues earned/collected by the department have been credited to the correct account. 
  • To ensure that the expenditures which have been charged to the department’s accounts were properly approved and charged to the correct account.
  • Provides account manager with accurate and reliable available balance.
  • This control activity helps to ensure the accuracy and completeness of transactions which have been posted to the department’s accounts.

When should account reconciliations be prepared?

Departmental account reconciliations are prepared and reviewed monthly.

Reconciliation reports are distributed to PI and also kept on file in your department for audit purposes.