GL Reconciliation

GENERAL LEDGER (GL) REVENUE RECONCILIATION

In accordance with the University Policy FIN-023: Reconciling Unit Accounting Records, units must reconcile their Revenue Projects no later than 30 calendar days after the end of the month. The purpose of the monthly review is to identify and correct mistakes in a timely manner. Any unusual transactions should be reported promptly to the appropriate dean, department head, or central financial office.

Additionally, University Policy FIN – 033: Monitoring Cash Balances and Resolving Deficits in Revenue Projects requires departments to monitor revenue project balances to ensure that the cash balance is zero or greater before commitments. Without prior authorization, a deficit cash balance in a revenue project or parent is expressly prohibited.

Training

The instructor-led training, Reconciling General Ledger Revenue, is a great way to learn how to accurately complete your monthly revenue reconciliations in compliance with UVA policy and procedures

UBI Access

UBI Access is required to complete the monthly revenue reconciliation.  

Roles

There are two required roles in the GL Reconciliation Procedure, Preparer and Approver.  The same individual cannot be both the Preparer and Approver.