401: Monthly Reconciliation Deborah Long and Roberta Sullivan Casa Grande Elementary School District

Overview Part 1 RECONCILIATION: 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 2012 Prior 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 – Roberta Sullivan –