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Reconciliation

 

Description

Create, distribute and collect signed monthly General Ledger (G/L) reconciliation reports. 


Customer's Responsibility

Account manager reviews the monthly account reconciliation report(s) and verifies that all non-payroll transactions posted against the account(s) are appropriate, allowable, and reasonable with the exception of adjustments/corrections that have been reported to ACT for action.


ACT's Responsibility

Reconciliation tickets will be generated on the 2nd Monday of each month. The reports will be distributed no later than Wednesday of that same week.  Process adjustments/corrections and follow up on items that have been reported to ACT for action.


Target Processing Time

Processing time for ACT is 3 business days from when reports are generated.


Next Steps in the Process

Work with department to resolve any discrepancies noted.


Notes

A report of outstanding reconciliations is submitted to Business & Financial Services for follow-up with department heads. 

Processing times are directed towards ACT's efforts only and do not include time waiting for approvals, waiting for additional information from customers/vendors, central offices processing times, and UCLA processing times.