Fiscal Operations Manual
Section 800: Fiscal Year End Processing
WARNING: THESE ARE NOT CURRENT POLICIES!!
Balance Sheet Reconciliation: General Ledger
Purpose: The purpose of Balance Sheet Account Code reconciliation is to ensure and demonstrate that:
The ending balance for a balance sheet account is equal to the total of all supporting detail.
All amounts in the ending balance are appropriate for that account (for example, an accounts payable item contained in the reconciliation detail list is owed to a vendor).
The items contained in the detailed list are current items.
All reconciliation detail schedules of Balance Sheet Accounts will be available to Busienss Affairs and the independent auditors of OSU’s Financial Statements to support the reported balances. The auditors may use them to confirm balances with vendors or customers and subsequent tracing to disbursements or cash deposits in order to verify the reported balances.
Responsibility: See FIS-Ex003-19: Fund Reconciliation Responsibility by Unit for individual unit responsibilities.
Requirement: The following requirements relate to all Balance Sheet Account Code reconciliation for all Fund Groups:
Prepare a detailed reconciliation for all Balance Sheet Account Codes A1xxx, A2xxx, A3xxx, A5xxx, B03xx, B4xxx, and B5xxx that appear on your specific Fund’s Balance Sheet (i.e. 05XXX, 09XXX, 1XXXX, 9XXXX). Submit the completed listings to “Office of Business Affairs” by the date specified in the current year’s schedule for Year End Close.
When preparing this reconciliation only Fund numbers are used in conjunction with account codes beginning with “A” or “B”. Indexes are not used. List amounts owed by vendor or person and the date.
Note: Refundable cash deposits (Account Code B4XXX) for keys, uniforms, telephone, facility rental, plan & specs, etc. are recorded in Fund 001998.
Exclude: Do not reconcile Account Codes posted by the SIS Accounts Receivable System. This is done by the Office of Business Affairs.
BALANCE SHEETS and REPORTS ARE REQUIRED FOR ALL FUNDS AS OF JUNE 30 of the current fiscal year. Different fund groups have additional requirements specific to the type of fund involved. In addition to the requirements in this portion of these instructions, be sure to follow the specific instructions for the fund group or groups which apply to your area.
See FIS-Ex003-18: Fund Reconciliation Responsibility by Fund.