Policies

Division     

Administration and Finance

Department

Accounting

Bank Reconciliation

Policy

To maintain the bank accounts and general ledger systems of Worcester State University to ensure accurate financial reporting. This includes both operating and MMARS bank accounts.

Procedure

Monthly Activity

Journal entries are posted to the GL as transactions are recognized on the Bank Statement. Any outstanding amounts are recognized and tracked until resolved. Deposits in transit are identified and verified.

Bank Reconciliation

Once the month closes and all cash entries are posted, the reconciliation process begins.

Bank Statements can be individually downloaded/ printed on the Sovereign website.

Sovereign Bank usually sends their check reconciliation file around the 10^th of the month which we download and record onto our system to update our outstanding check list.

Once this is complete, our cash accounts can be reconciled and variances resolved. Separate reconciliations are completed for all EFT deposits, cash and credit cards to ensure that all transactions were posted correctly.

Approved by

Vice President/Date

Approved by

Cabinet/Date

Revised Date