General Instructions Balance Sheet Reconciliations Page 4
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10Therefore, balance sheet account reconciliations are a continuous explanation of activities that
have occurred in an account. An account is reconciled when all differences have been
identified (regardless of age), proper accounting treatment ascertained and corrective action is
listed in the reconciliation including when corrections will take place, usually in the following
month.
Items must not be allowed to remain in a balance sheet account indefinitely. In general, one
month would be considered an appropriate length of time for an accounts receivable, short
term liability or a clearing account transaction. Prepaid amounts and deferred revenue
amounts must be cleared to the appropriate general ledger account in the period in which the
revenue or expenditure belongs. Reconciling items identified as errors must be cleared as soon
as possible, generally, this is expected to be in the month following detection.
Note that additional back-up may be required by Financial Reporting or internal and external
auditors. Departments must ensure all backup such as purchase orders, receipts, properly
executed contracts or other documentation is retained and readily available when requested.
1) General and Routing Instructions and Deadlines
♦ The Preparer of each balance sheet account reconciliation is as per the Account
Reconciliation List 2013 posted on the Finance website under Month/Quarter End
Procedures.
♦ Most balance sheet account reconciliations are required monthly to ensure that errors
and omissions are detected and corrected in a timely manner. See the Account
Reconciliation List 2013 document for the required reconciliation frequency for each
account.
♦ Reconciliations are to be performed at month-end and only after the period has been
closed. As the monthly schedule allows for processing and approval of journal entries
up to the end of Business Day 5, reconciliations can commence on Business Day 6.
♦ The Excel Balance Sheet Account Reconciliation template is to be used for all
reconciliations, and each account is to have its own reconciliation.
♦ Balance Sheet Reconciliations must conform to the naming convention: “Account
Number, Department/Faculty Name (only if applicable, where accounts are used by
multiple units) and MMMYYYY”,
i.e. “21370Mar2012.xlsx” or “20190QatarMar2012.xlsx”
♦ Balance Sheet Reconciliations are due on Business Day 12 during the fiscal year, and
Business Day 7 at fiscal year-end (note year-end deadlines will be confirmed annually).
♦ Where the account has a Department based Reviewer, the Preparer will forward (by an
attachment to an email) the completed reconciliation to their Reviewer, and once
reviewed, the Department based Reviewer will then forward it to
acctrecs@ucalgary.ca
by the scheduled due date.
♦ Where the account does not have a Department based Reviewer, the Preparer will
forward (by an attachment to an email) the completed reconciliation directly to
Financial Reporting at
acctrecs@ucalgary.ca
by the scheduled due date.
♦ The individual listed as the “Contact Person” on the Account Reconciliation List 2013
will be either a Finance Partner, financial representative, or a Department based
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