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RECONCILIATION GUIDELINES 

pdf

Implementing UofT's Policies and Procedures in the Office

Reconciliation of Monthly Reports 

Statement of Accounts

  • Reconcile with Payroll Distribution Report, Budget Movement Report, F&S Month-end Statement, and Telecomm Billing: Extension Detail Statement to ensure that transactions are recorded correctly
  • Promptly correct errors and locate any missing source documents
  • Ensure all transactions are completely and accurately recorded in the accounting system 

List of Payments Report

  • Identifies vendors who have been paid out of a specified funds center
  • States the value of each payment to vendors as well as the frequency of the payments
  • Understand the trend for ongoing vendors and ensure that the payments being made make sense based on your department’s monthly activity

Financial Transaction Exception Report

  • Provides a list of non-payroll financial transactions posted to funds center(s)
  • Investigate transactions to fully understand what a transaction entails and why it occurred
  • Look out for any out-of-the-ordinary transactions, investigate these further

HR: Payroll Exception by Top Level CFC Report

  • Tracks payments greater or less than a specified percentage
  • Ensure that the changes in payments make sense based on the monthly activity of your department

HR: New Hire/Termination Report

  • Tracks new hires and terminations within a particular organizational group
  • Check to see that any changes in your departmental personnel are taken into account on this report

Cheques Payable to Person Processing Report

  • Lists FIS payments made to a payee whose name matches the AMS User ID of the transaction processer
  • Ensure that the monthly output of this report is “No Data Found”
  • If report has data including Payee, AMS User ID, and Amount, then need to investigate this transaction

 

 

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