General Instructions Balance Sheet Reconciliations Page 3
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10Balance Sheet Account Reconciliation Reviewers – For some accounts which support
specific business units and processes there will be a Department based Reviewer.
Department based Reviewers are required to:
♦ ensure that the individuals names as “Preparers” on the Account Reconciliation
List 2013 have the required access to PeopleSoft queries and data, and have the
skills necessary to complete the reconciliations,
♦ review the completed balance sheet reconciliations as received by their
“Preparers” on the Account Reconciliation List 2013,
♦ ensure that the items in the Details of Accounts section are appropriate,
♦ ensure that all Reconciling Item(s) are investigated and corrected (either in the
sub-system or by manual journal entry, as appropriate) in a timely manner, and
♦ initiate investigation into Reconciling Item(s) which appear to be caused by their
sub-module processes and/or incorrect business processes so that the
underlying cause of these errors can be corrected.
Financial Reporting Reviewers are required to:
♦ provide all Preparers with a monthly reminder email on Business Day 6 to advise
them that they can begin their assigned reconciliations,
♦ receive and review all assigned balance sheet reconciliations,
♦ confirm that reconciliations have been completed in accordance with these
instructions and procedures, including review by a Department based Reviewer
(only where appropriate),
♦ ensure that Reconciling Items are being corrected in a timely manner,
♦ follow up in a timely manner with Preparers or Department based Reviewers, as
appropriate, if assigned reconciliations are not received by the scheduled due
date or in accordance with these requirements, and
♦ ensure that only complete and accurate Balance Sheet Account Reconciliations
are stored centrally on the network and made available to auditors and other
reporting staff.
Analysts are required to:
♦ provide assistance with regards to appropriate use of balance sheet accounts
and with resolving complex issues or corrections,
♦ ensure that all balance sheet account categories (i.e. Accounts Receivable, Short
Term Liabilities, Prepaids, etc.) do not contain material misstatements, and
♦ at fiscal year end prepare leadsheets and variance explanations (year over year)
for assigned balance sheet accounts, and respond to inquiries from Auditors
regarding unusual balances or variances.
B.
General Instructions and Procedures for Balance Sheet Account Reconciliations:
Balance sheet accounts are used to record assets, liabilities and equity and their account
balances roll forward from fiscal year to year. Unlike Income Statement accounts (revenue and
expense accounts), errors made in balance sheet accounts will remain until corrected.
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