A reconciliation is a comparison of records kept in the department with the official records of the University in Banner. The steps in performing a reconciliation are:
Confirm opening balance of the fund. It should agree with the ending balance from the prior month.
Another way to think of this is to subtract at the current month's expenditures from the current month fiscal year-to-date expenditures. That answer should equal last month's fiscal year-to-date expenditures.
The same would hold true for revenues.
The purpose of this exercise is to be sure that the report you are working from is basically correct.
Check-off transactions processed in Banner against departmental records.
Salaries and wages should be checked to be sure that no one was paid who should not have been paid, and that the amounts are reasonable.
Operating expenditures should be checked individually to be sure that all of the posted expenditures did in fact belong to the department.
Check to see if the open commitments properly reflect activity against purchase orders.
Research transactions processed earlier than 45 days and not yet appearing on Banner.
Research transactions appearing in Banner but not processed by your department. The Controller's Office will be glad to help you with this.
Review reasonableness of totals.