University of California, Riverside

LRSS



LRSS Best Practices


Best Practices

  • Keep it simple when starting out. Create a Ledger Reconciliation Matrix at the department level using as few matrix rows as possible. Matrix
  • Your department has the option of a paper-based FTD Report reconciliation or using the LRSS storage function allowing reconciled ledgers to be electronically stored on secure campus servers. Your department also has the option of using the PDF annotator for these stored reports.
  • Develop a FTD Report reconciliation framework. There is no “one size fits all” approach for FTD Report reconciliation procedures. Financial Managers need to evaluate their specific situations set up an appropriate process that manages risks. Risk factors to consider are nature of financial transactions, transaction subject to PAN review, accountability structure and control environment, department budget and financial reporting process, fund sources, vendor relations, financial system processes, and change due to growth and new programs.
  • For transactions that are not validated, the Reconciler should conduct a reasonableness analysis such as comparing financial summaries to budget or to expected outcomes. Departments have several tools at their disposal to assist them in conducting reasonableness and trend analysis.
  • In addition to ensuring that the FTD Reports accurately represent the financial status of your department, a timely reconciliation allows the discovery of errors and mistakes in time to make subsequent month corrections or adjustments.
  • The individual reconciling the FTD Report should be someone other than the person with authority to approve the expenditures on the same report. This ensures that duties are properly separated enabling on person’s work to be complementary check on another’s work. This also ensures that no one person has complete control over a financial transaction.
  • Individuals responsible for FTD Report reconciliation and certification are strongly encouraged to attend all UCRFS training and attend all UCRFS, iTravel, PPS, and other User Group meetings.

More Information 

General Campus Information

University of California, Riverside
900 University Ave.
Riverside, CA 92521
Tel: (951) 827-1012

C&C Information

Computing & Communications
Computing & Communications Bldg.

Tel: (951) 827-4740
Fax: (951) 827-4541
E-mail: helpdesk@ucr.edu

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