Reconciliation is required of the balance sheet ledger and fund level balances on a quarterly basis. Financial Reporting will send reconciliation requests after each quarter end and completed reconciliations are expected to be submitted 45 days after quarter end per UW policy.
Purpose
Reconciliation of period-end balances in the accounting system is a critical and fundamental internal control over financial reporting, and is necessary to help ensure the accuracy and reliability of data in the University’s accounting system. This policy addresses the requirement for periodic reconciliation of general ledger accounts in the University's Workday finance system to supporting schedules and data, and the need to understand and address in a timely manner any reconciling differences. In addition, this policy addresses the need for periodic attestation of compliance.
Scope
This policy applies to all University departments that have responsibility for reconciling general ledger account balances in Workday.