Tools for financial stewardship including MyFinancial.desktop and best practices for reconciliation

Reconciling Budgets

Budget reconciliation is the process of reviewing transactions and supporting documentation, and resolving any discrepancies that are discovered. Read more: http://www.washington.edu/admin/finacct/office/internalcontrol/recon.html 

Reconciling Transactions on Budgets

The University of Washington suggests using one of the following reports for transaction reconciliation:

Reconciliation Report:  Electronically reconcile transactions as they post to your budget using MyFinancial.desktop.  All information is stored online for the complete record retention period and available for anyone who has ASTRA access to the budget.  All transaction details on the Reconciliation Report are received from the Financial Accounting System.
Learn more at (http://myfd.washington.edu/help/reconciliation)

Budget Activity Report (BAR):  A paper based report which contains transaction details from the Financial Accounting System.  For participating units, this report is printed and distributed once per month.

Reconciling PaymentNet (ProCard / CTA)

Reconciling charges in Paymentnet is done to ensure proper account codes are assigned to the transactions charged on the Procard and CTA. Monthly transactions are charged to budgets in PAS on the 6th business day of each month. Departments must reconcile charges in PaymentNet prior to the payment deadline. 

• ProCard Reconciliation
• CTA reconciliation
• PaymentNet reconciliation Demo

Procurement Desktop Reports

Procurement Desktop Reports (PDR) are a suite of web based reports developed by Procurement Services.  The reports draw data from the PAS Data Warehouse and JP Morgan Chase PaymentNet and are updated nightly or as new data are available.  Reports are available for various categories of data and are useful to departments for approving payment of invoices larger than $10,000, tracking payments and resolving issues, budget reconciliation, assuring appropriate use of department resources and managing compliance issues.  Additional reports are in development and will be added to the categories as they are ready.

Additional Resources

The following additional links and information may be helpful in performing reconciliation activities.