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Financial transactions and documentation should be reconciled on a regular basis to ensure the accuracy of those transactions and to provide a record for audit purposes. ASU has outlined best practices for the various kinds of financial transactions, including recommendations for reconciliation. Specifics can be found at https://cfo.asu.edu/best-practices.
Fiscal management officially rests with the department director, chair or org manager. Account management, however, is often the responsibility of specific administrative staff, who report on the status of departmental accounts on a monthly basis to the director, chair or org manager. Departments are responsible for reconciling accounts, or proving and documenting that an account balance is correct, at least once a month for the previous month’s activity.
The required reconciliation roles are preparer and approver. The preparer should have familiarity with routine transactions for a department’s accounts. Preparers are normally administrative staff who handle a department’s day-to-day fiscal responsibilities. Approvers are normally the administrative staff who report on the status of departmental accounts on a monthly basis to the director, chair or org manager. Departments with limited staff that do not have a preparer and an approver should consult with their Dean’s office or vice presidential financial administrators to identify how to appropriately handle these roles.
If you have any questions on account, HR, p-card or any other reconciliation topic, please contact your CONHI business office liaison.