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Bank Statement Reconciliation

Responsible Department
Comptroller
Effective Date
10/01/2015
  1. .

    Purpose

    The purpose of this policy is to clearly state the procedure for monthly bank reconciliations.

  2. .

    Definitions

    Please see the University System of Georgia Business Procedures Manual at:  http://www.usg.edu/business_procedures_manual/

  3. .

    Statement

    1. Each bank account is reconciled monthly after the statement is submitted to University of North Georgia from the bank. The bank provides a file that is reconciled with Peoplesoft Financials and HRMS to remove all checks that cleared during the month for the Operating and Payroll Accounts. There are set guidelines that are processed to accomplish the task of reconciling checks from the bank to Peoplesoft Financials and Peoplesoft HRMS. After the files are processed to remove the cleared checks, each account is further reviewed and reconciled to find any adjustments that need to be made for the next month.

    2. During the FY 2010, a third party system was implanted to replace PeopleSoft HRMS. The third party payroll system, ADP, now issues payroll checks. Off-cycle checks are run in house which are reconciled manually to the payroll bank statement.

    3. The NDSL account is an account that was established to post deposits from our third party service provider for Perkins Loan payments. During the month all payments that are made to the third party are posted to this bank account. At the end of each month, a report is submitted by the third party provider and reconciled. Once it is reconciled, the funds in the NDSL account are transferred to the Regular Operating Account and entries posted as needed.

    4. The Interest Account was established to hold all interest earnings from all bank accounts. Each month the interest from all other accounts is transferred into this account and reconciled.
  4. .

    Support Info

    1. For any additional clarification, please contact the Comptroller’s Office.

    2. This document replaces North Georgia College & State University/University of North Georgia Policy and Procedure 709.8 which was in effect from April 15, 2010 through the effective date of this policy.
  5. .

    Procedures

    Any related operating procedures must comply with and reference this policy.

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