RECONCILIATIONS - REVENUE MONTHLY DETAIL REPORT
Effective: June 1, 2000
Revised: Aug 31, 2002
Departmental revenue and addition transactions are to be reviewed monthly to help assure the validity of financial transactions by comparing original documents to the transactions listed on the monthly status reports.
Based on the Separation of Financial Administrative Duties policy, individuals assigned responsibility for performing these reviews should be independent of the revenue or addition transaction process. Where complete separation of duties and responsibilities is not feasible, the reconciliation should be reviewed and approved. The review and approval of the reconciliation will be the responsibility of the department head or their documented designee.
Employees should be adequately trained to perform the reconciliation procedures.
The reconciliation process is to be adequately documented (either in an electronic format or a paper copy) in order to allow for future review and verification of the reconciliation. Reconciling items should be resolved in a timely manner.
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