An email goes out to the financial list serve indicating that the month has closed.  Upon receipt of this email, print your 1074’s or verification worksheets and payroll reports.  These will be saved to R:\Reconciliations FY XX\1074s.

The following items must be entered into FilemakerPro prior to reconciliation:

• all gifts from the Gift/Pledge reports sent weekly
• all postal charges from the Postal Chargeback Report
• all telecommunications related expenses:  equipment rental, long distance, cellular phones, cellular phone bills, etc.  These can be found on the O drive in Math.  Navigate O:\Telecomm FY XX\FY_XX_LongDistance_Telecom\<Month>.TelecomBill.YY.
• all fees from the current fee report
• cross reference all scholarships from the fee report
• cross reference all work orders
• all payroll and communications allowance expenses
• budgetary entries originating outside of the department (notify budgets@math.uh.edu)
• IDC for projects with indirect cost
• all modifications on projects (budgets@math.uh.edu)
• update reference field on all newly entered payroll records
• all prior budget references
• short term interest income on cost centers bearing it

Keep a master list of all active cost centers to be reconciled and cross reference it with the cost centers actually on the current months’ list.  Unless there is an urgent reason to reconcile particular cost centers, it is best to reconcile in the order they are on the list to avoid missing any of the cost centers. 

To reconcile:

1. in FMP, expend all current month expenses including financial expenses and payroll expenses (Payroll expenses should be reconciled per the Payroll Reconciling section of this manual).
2. if using the 1074, verify against the Summary page in FMP the following on the 1074.1: 
   • breakdown and ‘Total Expense’ of the ‘Current (Orig + Adj)’
   • ‘Curr Rev/Exp’ (as needed – if ‘PTD Rev/Exp’ does not match)
   • ‘PTD Rev/Exp’ (‘Expended’ in FMP)
   • compare ‘Open Commit’ and make note of and/or email regarding significant discrepancies (‘Encumbered’ in FMP)
   • ‘Soft Commitment’ and make note of and/or email regarding significant discrepancies (‘Outstanding’ in FMP)
   • ‘Budget Available’ (‘Balance’ in FMP)
3. on the 1074.6 (for non projects only), verify the ‘Fund Equity’ for ‘Balance’ as of the last day of the month for  the current period you are working on (5th column); this will be compared with the ‘PS Fund Equity’ on the summary page in FMP
4. cross check the following on all non-projects:
   • ‘Budgeted’ ‘Total’ plus or minus the ‘Un-Budgeted (Dept) should equal the ‘PS Accumulated Fund’.  The ‘PS Accumulated Fund’ minus the ‘Expended’ should equal the ‘PS Fund Equity’
   • ‘Balance Total’ plus or minus the ‘Un-Budgeted (Dept) should equal the ‘Current Balance’.  Keep in mind that if a cost center has interest bearing income, the PS Fund Equity will be off by that amount since FMP does not currently take account 31300 into account.
5. for projects, you will do the same as above except for numbers 1 and 2 in ‘d’ above.

The items listed in #3 are the most common, but others occur and should be handled as they occur.

After all of the revenue, expenses, prior budget references and budgetary entries are verified, utilize the Reconciliation Approval Process (Cost Centers) to allow cost center managers and the DBA to review reconciliations.

Additional Reconciliation Help

        Reading Reports and Queries

        Reallocations

        Reconciliation Fixes Log

        Reconciling Payroll