University Policy FIN-023 requires departments to reconcile their financial activity at least once a month by the 15th calendar day of the month for the previous month’s activity (or by an approved alternate schedule).
Over the past year, on-time reconciliation rates have increased from 56% to 81% - up by 25 points! This is largely due to implementation of the system-generated emails designed to improve compliance. Reminders are sent to all reconcilers each month 5 days prior to the due date, as well as monthly notices to Deans and Vice Presidents when reconciliations are overdue.
Additionally, we have found that reconcilers appropriately continue to review and approve transactions after the due date passes - resulting in a less than 1% rate of reconciliations not approved.
A big thank you to all of our reconcilers who strive to ensure this important internal control is met!