Longwood University Chief Administration and Finance Officer:  Accounting and Financial Reporting     201 High Street, Lancaster 308, Farmville, VA  23909                 Phone: 434.395.2634       Fax: 434.395.2152

Policy 4101
ACCOUNTING SYSTEMS RECONCILIATION

I.    PURPOSE

The purpose of this policy is to establish an official financial system to be used to reconcile all internal accounting records.  

II.    POLICY

The Commonwealth Accounting and Reporting System (CARS) is the official financial system of the Commonwealth. For proper internal controls and to ensure the integrity of the Commonwealth's financial records, the reconciliation of all internally prepared accounting records, data submission logs and other accounting data to reports produced by CARS is mandatory. 

III.    PROCEDURE

The institution will reconcile the State Accounting System (CARS) with the in-house financial records system, BANNER on a monthly basis. Corrections will be made to CARS or BANNER as needed.  Reconciliation items will be analyzed in an effort to reduce future differences between accounting systems. 

Revised and approved by the Board of Visitors, September 7, 2002.

Revised and approved by the Board of Visitors, September 15, 2006.

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