Account Reconciliation

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Account Reconciliation
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UT System Administration Policy UTS 142.1

• 3.2 Certifications by Account Owners
  (Subcertifications). Each Account Owner should
  provide a subcertification annually to the
  Financial Reporting Officer. Each institutions
  Financial Reporting Officer should decide at what
  level the subcertification is required (e.g.
  Dean, department head, etc.). The minimum
  requirements of the subcertification letter are
  included in Appendix 2.
• http//www.utsystem.edu/policy/policies/uts142_1.p
  df

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Highlights of New Certification Form required by
UT System

• Acknowledgement of responsibility
• Certification of reconciliation and that all
  transactions were appropriate
• Certification that errors were adjusted
• Certification of segregation of duties
• Enter Approve transactions Receive cash
  reconcile

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Highlights of New Certification Form required by
UT System (cont)

• Certification of sound internal controls
• Certification that no misstatements or omissions
  are evident on your SOA
• Fraud Certification
• Certification of compliance with Code of Ethics
  related to award of contracts

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Need for reconciliations and segregation of
duties?

• Funds availability
• Exposes lack of internal controls
• Risk management

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Compliance Quality Assurance Review (QAR)

• Report of responses sent to Office of Compliance
  and Risk Management
• Compliance may use this list to formulate their
  future QAR visits to departments

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Small Budgets (lt 100,000)

• Compare beginning balance
• Verify each charge, deposit, transfer and
  encumbrance showing on SOA
• http//www.utsa.edu/accounting/Accounting/Reconcil
  ingSmall0309.htm

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Large Budgets (gt 100,000)

• More extensive review required
• Must track pending expenses, transfers,
  encumbrances revenue
• http//www.utsa.edu/accounting/Accounting/reconcil
  inglargeaccts0309.htm

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Recon Methods

• Excel spreadsheet
• Quicken
• Success stories from FAR members?