401: Monthly Reconciliation

Deborah Long and Roberta SullivanCasa Grande Elementary School

District

Overview Part 1RECONCILIATION:The action of reconciling is to check an account against another for

accuracy.

In school district accounting, we reconcile our book or general ledger balance to the County Treasurer’s month end balance.

Auditors use information from outside sources like federal, state, or county records to verify many of our general ledger balances. Revenue totals are compared to state or federal records and expenditures are verified to detail records like invoices and personnel action records.

In accounting we reconcile to the detail documentation. In the case of a cash reconciliation, accountants reconcile to the bank balance or County Treasurer’s balance.

We will provide a comprehensive example of how to complete a monthly reconciliation to the County Treasurer’s ending cash balances. And, in addition, we will show how to account for and record taxes, state aid, and other reconciling items.

Overview Part 2

• Worksheet Format Overview• County Treasurer Month End Reports• Sorting the County Data• Printing the District Cash Balances• Where to Place the Data on the Worksheet• Reconciling Items - Examples• Reconciled! Done! Ready for the next

Month!

Reconciliation Spreadsheet

County Monthly Report of Revenues, Expenditures, and

Ending Cash Balances

County Monthly Report of Revenues, Expenditures, and Ending Cash

Balances, P 1

Pull Monthly Detail Data from County

On a side note Pinal County has an option to allow us to

download the statement to excel.

Sort Data by Distributions vs. Warrants

• Data needs to be sorted so that warrants are on the bottom

• Cut warrants and paste to new tab• Sort warrants by status, then by

fund (if applicable)• Subtotal outstanding warrants by

fund

District Cash Balance Report

• From Visions>GL>Reports>Cash Management>Cash Balances

Cash Balance Report for May 2012Prior to Posting of Taxes and Reconciling

Items

Beginning the Reconciling Items Worksheet

Add the Cash Balance for each reconciling account to the District’s Cash Balance

column on the worksheet.

From the downloaded County Treasurer statement add the

outstanding warrants for each reconciling

fund to the Outstanding Checks

column and the Treasurer Cash Balance in the

worksheet.

Visions/GL/Transaction Inquiry/Journal Detail screen is where journal entries & deposits can be found that have been processed on the District side but

not the County’s.

After finding the entries that have been processed on the District’s side and not the County’s these

entries will be keyed on the Treasurer Cash Balance column.

Next are items that have been processed on the County’s side but not the District’s side.

Sometimes items have been processed on the District’s side but not until the following month these items along with ones the District has not processed will need to be keyed onto the

District Cash Balance Column with note of the date it was processed.

Here is and example of deposits that were processed on the District’s side in June but were for the month of May and were

processed on the County’s side in May as well.

Deposits sent to County but posted to Visions with a June

date

Check Transfers to make sure they are posted correctly

Make sure to include any stop payment fees.

Add the stop payment fee to the District’s side.

Oops! The cash for 610 s/b debited and not a credit as it shows on the

county treasurer.

Add your correcting amount to the County’s side for any transfer

correction that needs to be done.

Review Actual Excel Worksheet

• Casa Grande Elementary School District• May 2012• Thank you for supporting AASBO and we

hope this presentation was helpful. If you would like an electronic copy of our worksheet please contact Roberta Sullivan.

Deborah Long – email deborah.long@cgelem.k12.az.us

Roberta Sullivan – email roberta.sullivan@cgelem.k12.az.us