What Does Reconciliation Mean?

Reconciliation means checking the source documents that show what expenses should have been charged to an index, against the expenses that were actually charged to that index.  Any discrepancies are then investigated and corrected or explained.  This is done monthly.

Revenue

Comparing the revenue your index receives in Banner with expected revenue, and investigating any variances.

Salaries

This includes:

1. Making sure the people (salaries) being charged represent the people who should be charged to that index.
2. Making sure the correct percentage of their salary is being charged.

Other Expenses

This includes:

1. Knowing what expenses should have been charged to the index.
2. Checking to see that they were charged to the index.
3. Checking to see that no one else’s expenses were charged to that index, in error.
4. Understanding F&A charges, and what they should be for the index.