University of Arkansas at Little Rock
Policy Name: Accounts Receivable Reconciliation
Policy Number: LR 303.8
Effective Date: July 1, 2021
Revised Dates: N/A
Most Recent Review Date: N/A
Policy
A reconciliation of the Accounts Receivable subledgers (detail) to the general ledger is required to ensure that account balances in the subledgers agree to the corresponding balances in the general ledger. The Bursar’s Office is responsible for reconciling each subledger monthly, tracking all reconciliation items, including discrepancies, and satisfying the resolution in a timely manner, as follows:
- Each Accounts Receivable account shall be reconciled to the general ledger no later than the 15th of each month.
- Reconciliation items resulting from timing differences should be monitored for settlement in the subsequent month.
- Reconciliation items that require corrective actions should be settled within the month in which they occurred. Supporting documentation for all reconciling items shall be maintained with the current reconciliation until the items are cleared.
- All Account Receivable reconciliations, including resolution of discrepancies, must be completed prior to fiscal year-end close.
All reconciliations must be signed and dated by the preparer and approver within seven (7) days of completion. The Assistant Bursar and Bursar are the designated approvers in the Office of the Bursar.
Exceptions and extensions to deadlines can only be approved by the Vice Chancellor for Finance and Administration or his/her designee.
Source: Initial Policy
Status: Active
Approved By: Christina Drale, Chancellor
Originator: Office of the Vice Chancellor for Finance and Administration
Custodian: Bursar’s Office