Reconciliation Schedule Change: All schools and units now have 30 days to reconcile projects

Starting with November’s reconciliations, all schools and units will have 30 days to reconcile their projects (expenditure and revenue).

You’ve been asking for a different timeframe, and we listened! Already, about 65% of the active projects in Recon@ have an approved alternate reconciliation schedule (due 30 days after month-end close). Changing the deadline for everyone will eliminate the need for such special requests. It will also reduce administrative burden, allowing more time to complete reconciliations and eliminating the need to submit official paperwork to have their deadlines changed.

For a bit of background, the current deadline of the 15th calendar day was chosen when reconciliations were done on paper and a tighter deadline helped prevent fraud. Now that we have systems such as Recon@ and ExpenseUVA, the quick turnaround time is not as crucial.

This policy update means that monthly reconciliations will be due 30 days after month-end close for the previous month’s activity (i.e. November reconciliations will be due December 30th). If your unit prefers to reconcile within 15 days because you have a process in place, that is fine.

View the new policy here. (Note: Procedures linked within the policy have not yet been updated to reflect the change.)

Click here for more information on Recon@ system generated emails.

Questions? Concerns? Please let us know; we’re happy to help. Email recon@virginia.edu.