Ledger reconciliation

  1. The BRC Accountability Analyst prepares and posts to the BRC shared drive (X:) a list of the accounts to be reconciled for the month (Reconciliation Control Log, RCL).  The RCL lists all the expenditure accounts belonging to departments whose transactions are processed by the BRC that had activity during the month.

  2. The BRC preparer prints the general ledger (G/L) into an Excel file or prints the payroll ledger (P/L) for each of the accounts on the Log.

  3. The BRC preparer reconciles the transactions on the G/L or P/L, matching items to the supporting documentation. If necessary, the BRC preparer may need to request documentation for other items appearing on the ledger that were not processed through the BRC (for example, recharges).

  4. If all ledger items are matched to supporting documentation, the BRC preparer signs and dates the reconciliation and gives it to the BRC reviewer.  The BRC preparer also adds initials to and dates the RCL to indicate the completion of this step.

  5. If there are G/L items that do not have supporting documentation, those items are entered onto an Unreconciled Items Log.  Items on this Unreconciled Items Log will continue to be monitored until they are resolved. The BRC preparer then signs and dates the reconciliation and gives it to the BRC reviewer. The BRC preparer also adds initials to and dates the RCL to indicate the completion of this step. Items are entered onto the Unreconciled Items Log by the BRC Reviewer. Supporting documentation packages that are not matched to G/L items are retained for the following month’s reconciliation process or investigated as appropriate.

  6. The BRC reviewer ensures that the reconciliations are complete, accurate, and signed and dated by the BRC preparer.  In addition, the BRC reviewer selects a sample of transactions that have been reconciled to audit (that is, the BRC reviewer will test that items appearing as “reconciled” on the ledger have supporting documentation and that supporting documentation packages are associated with a “reconciled” ledger item).

  7. When the review has been satisfactorily completed, the BRC reviewer signs and dates the reconciliation.  The BRC reviewer also adds initials to and dates the RCL to indicate the completion of this step.

  8. A ledger reconciliation package is retained by the BRC and includes the reconciled ledger signed and dated by the BRC preparer and BRC reviewer, and any other necessary reports or documentation TBD

  9. The BRC Accountability Assistant or Analyst monitors the RCL to ensure that the reconciliations are completed each month.

  10. Team Leads monitor the Unreconciled Items Log to ensure that all significant or material items are promptly resolved and their Team continues to work all open items to resolution. 

  11. Quarterly, the Accountability Analyst provides to the Accountability Manager and BRC Director (1) a copy of the consolidated Unreconciled Items Log and (2) a summary of the status of account reconciliations for the fiscal year to date.