Bank reconciliation & receipting

Purpose

The purpose of the bank reconciliation is to identify the differences between the bank statement balance and the financial ledger (in ESP Financials).

A daily reconciliation process is undertaken by the bank reconciliation processing team, in Financial Operations in F&BS.

Key control/response times to queries

The bank reconciliation process is a key control in managing the University's monetary assets. Any questions/queries from the bank reconciliation team to the respective finance business units, across the ANU Campus must be dealt with promptly (preferably same day), but within 2 working days.

If discrepancies between the banking and the ledger cannot be resolved the bank reconciliation team will process a journal to the ledger, to adjust the discrepancy. This will be done to:

  • an agreed charge code;
  • every financial period.

Business units are not credited with income until it is processed into the General Ledger, either by receipting or some other journal process so it is everyone's interest to finalise these transactions in a timely fashion.

Importance of regular and correct receipting and banking

To assist the bank reconciliation process being completed in a timely fashion there must be a consistent effort, across the University to:

  • Receipt monies (cheque/cash/eftpos transactions) correctly;
  • Reconcile those monies daily;
  • Bank (through the University's Cash Collection Services) at least daily (unless you have made special arrangements to bank weekly); and
  • Transactions are processed to the ledger.

Note: Onestop Z reports must be run for receipts to post to the General Ledger.

Discrepancies

If discrepancies between the banking and general ledger cannot be resolved the bank reconciliation team will process a journal to adjust the discrepancy. The adjusting journal will be processed to an agreed charge code once per accounting period.