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Introduction

The purpose of an account reconciliation is to confirm that the account balance is accurate, valid, and complete. A reconciliation needs to compare the General Ledger account balance with an outside source. Any outstanding items (unmatched) should be researched to determine if an Adjusting Journal Entry (AJE) is necessary.

Example: Use Tax Account Reconciliation

Example: Bank Account Reconciliation

Account balance for the bank account is as follow:

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While Finance prepares most reconciliations in accordance with the timetable below, some Departments have responsibility for preparing reconciliations. Finance will reach out to Departments who should be preparing reconciliations and is happy to provide additional training where required.

Although the nature of the account will dictate the contents of the reconciliation, the purpose of the account reconciliation is to prove the GL account balance is correct, or to show how to correct it.

Below lists the expected reconciling frequency for different account types.

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Refer to which GL accounts belong to each Financial Reporting Line Item in the file below:Find the GL Accounts that belong to your organization in the reconciliations list below. From here, you can filter for your department to find which accounts whose reconciliations you own and the frequency to prepare them.

For each account reconciliation your department owns, please save your reconciliation within one week of month-end close (refer to the Month-End Close Schedule).

Please reach out to generalledger@spu.edu with any questions.

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