Reconciliation Guidelines

Financial Reconciliation & Analysis Requirements

The unit is responsible for understanding the unique needs and financial risks of their unit and to design comprehensive financial review and analysis procedures. This includes the identification of processes, timing, reports, and documentation. The Office of the Controller is available for consultation and/or assistance.

In Workday, units will no longer conduct line-by-line transaction verification. Instead, users will utilize exception reporting to identify, analyze, and correct issues.  In Workday, financial analysis is very important to ensure all financial transactions are posted correctly and the unit using real-time data for decision making based on actuals versus plan. The goal is to review various reports on a regular basis (daily, weekly, monthly) to analyze results and react timely to needed adjustments or errors.  Reports have been built in Workday to enable units to focus on reconciliation of their balance sheet accounts and outside subsystems.

The Office of the Controller has created a Monthly Reconciliation Checklist document which is intended to be a guide to assist units in the development of the processes necessary to ensure an effective internal control environment.  It is not required to be utilized.  If a Senior Fiscal Officer chooses not to implement these procedures, their own procedures need to be identified and implemented to appropriately identify and mitigate financial risk within the college/unit and to be compliant with the Fiscal Stewardship policy

Please note that the checklist steps are subject to change frequently based on Workday reporting updates and changes in business processes.  The last updated date is 9/14/2023.  If you have downloaded previous versions and want to see the new version, you may need to clear your cache to see the updated version.

If used, this checklist can be modified as appropriate for the unit (e.g., if the unit has their own tableau reports to use for a certain step instead of Workday reports, they can indicate that report name in the report column).  Reports should be run based on the parameters that are applicable to the unit (e.g. balancing unit/balancing unit hierarchy (for review of cash balances), cost center/cost center hierarchy, etc.).  Reports, including explanations of variances and actions, should be reviewed by the appropriate person. The appropriate person is dependent on the nature of the report, but at a minimum, we would expect the Cost Center Manager or equivalent to do the appropriate checks and initial that the step was completed.  When indicated on the reconciliation step, reports should be saved/maintained and signed off by the appropriate person (as noted within the step).  All reconciliations should be reviewed by an individual separate from the preparer.