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Balance Sheet Reconciliations

Balance sheet reconciliations are used on accounts for the general ledger.

Specific Guidelines and Instructions

Balance sheet reconciliations are used on accounts for the general ledger. The General Accounting Balance sheet Coordinator sends an email quarterly to account preparers and reviewers. The email contains a spreadsheet listing the name of the preparer for each account, a link to the Confirmation of Review of Balance Sheet Account form, and the date for which the reconciliation is due.

Due Dates

Best practice is to reconcile these accounts monthly. For audit purposes, General Accounting requires balance sheet account reconciliations be submitted based on the schedule below. A reconciliation is also required following May’s ledger cut-off. The reason for this requirement is to ensure account reconciliations are prepared in a timely manner for fiscal year-end close and all or any reconciling items are researched prior to fiscal close.

Reconciliation for the FY17 Period Ending

Due

May 31, 2017 June 16, 2017
June 30, 2017 July 14, 2017

Reconciliation for the FY18 Period Ending

Due

September 30, 2017 October 20, 2017
December 31, 2017 January 19, 2018
March 31, 2018 April 20, 2018
May 31, 2018 June 22, 2018
June 30, 2018 TBD 

Confirmation of Review of Balance Sheet Account Form

A copy of the completed reconciliation must be submitted with the signed Confirmation of Review of Balance Sheet Account form. Confirmation Review BS Accounts (Word file)

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