The F/EA maintains a separate operating account for each program the F/EA serves.
General description
5. The reconciliation form is printed.
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
2. The <<staff title>> performs the bank reconciliation.
. 3. Prior to making a posting to the General Ledger, the <<Staff Title>> reviews the reconciliation statement, including the bank statement and check file.
4. All control documents are password protected and access is restricted to F/EA Assigned staff with responsibility for account reconciliations.
F/EA reconciles the accounts receivable service claims account <<GL Account Number>> monthly. Reconciliation of this account is completed by the 10th of the month following the month for which the reconciliation is performed.
Reconcile Accounts Receivable to General Ledger
Performed Monthly
Insert F/EA specific process here.
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
A reconciliation of FICA workers and employer tax is performed monthly. A reconciliation of Form 941, including FICA taxes, is performed quarterly.
These reconciliations are performed to ensure payments made for employment tasks are appropriately accounted and tracked and to ensure that the reporting agent withholds and remits payments to tax agencies accurately and timely.
After performing the reconciliation, a reconciliation statement is prepared by the <<Staff Title>> (or assigned staff) verified, reviewed by <<Staff Title>> (or assigned staff) who signs the bank statement, and stored at <<file path>
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
The methods of internal control utilized by F/EA in the Reconciliation of General Ledger Liability Account for FICA are:
Monthly general ledger reconciliation is completed to ensure that State Unemployment Tax (SUTA) and Federal Unemployment Tax (FUTA) liabilities are accurately recorded in the general ledger. Quarterly these general ledger balances are reconciled to SUTA and FUTA payments made on behalf of employers.
Reconciliation of FUTA and SUTA Liabilities to General Ledger
Performed Quarterly
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
A reconciliation of workers Federal Withholding Tax is performed monthly.
Reconciliation of Federal Withholding Tax Payments to General Ledger
10. Enter sum of Federal Withholding Tax payments from bank account on bank account transactions sheet
11. F/EA Accountant signs and dates reconciliation sheet
12. F/EA Accountant passes reconciliation sheet and supporting documents to <<Staff Title>>
13. <<Staff Title>> verifies completeness and mathematical accuracy
14. <<Staff Title>> signs and dates reconciliation sheet
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
A reconciliation of State Withholding Tax (SWT) liability is performed monthly.
Reconciliation of State Withholding Tax Payments to General Ledger
5. Compare payments made within the month from the bank account to payments made as reported on weekly SWT tax payment reports
6. Identify, research and resolve any discrepancies
7. Communicate with payroll department as necessary
8. Direct payroll department to make adjustments to their records as necessar
9. Print reconciliation sheet for account <<GL Account Number>> found at <<File Path>>
10. Enter ending balance for <<GL Account Number>>
11. Enter sum of State Withholding Tax quarterly payments from bank account on reconciliation sheet
12. Ending balance and sum of payments should match
13. Research and correct any discrepancies
14. Make necessary adjustments to general ledger if required
15. <<Staff Title>> signs and dates reconciliation sheet
16. <<Staff Title>> passes reconciliation sheet and supporting documents to <<Staff Title>> (or assigned staff member)
17. <<Staff Title>> verifies completeness and mathematical accuracy
18. <<Staff Title>> signs and dates reconciliation sheet
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
Reconciliation of Workers’ Compensation Liability to General Ledger
5. <<Insert Staff Title>> signs and dates reconciliation sheet
6. <Insert Staff Title>> passes reconciliation sheet and supporting documents to <<Staff Title>>
7. <<Staff Title>> verifies completeness and mathematical accuracy
8. <<Staff Title>> signs and dates reconciliation sheet
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
F/EA reviews uncashed checks monthly in conjunction with the monthly reconciliations. After one year, any checks that have not been cashed are removed from the bank reconciliation uncashed checks list (<<GL Account>>) and recorded in General Ledger account <<Account No,>>. F/EA follows unclaimed property procedures for the state in which employees being paid reside.
8. F/EA Accountant signs and dates reconciliation sheet
9. F/EA Accountant passes reconciliation sheet and supporting documents to <<Staff Title>>
10. <<Staff Title>> verifies completeness and mathematical accuracy
11. <<Staff Title>> signs and dates reconciliation sheet
12. Signed reconciliation sheet is scanned and saved here for at least seven years: <<File Path>>
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
This is a reconciliation of the F/EA's Accounts Receivable for claims submitted by the F/EA for the F/EA's Administrative Reimbursement.
F/EA reconciles the accounts receivable administrative account <<GL Account Number>> monthly. Reconciliation of this account is completed by the 10th of the month following the month for which the reconciliation is performed.
Reconcile Accounts Receivable to General Ledger
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
F/EA reconciles the Year-End Payroll Journal Summary report for the calendar year provided by the payroll department to forms 941 for the calendar year. This reconciliation is performed between January 1 and January 31 of the year following the calendar year for which forms W-2 are produced.
Reconcile Forms W-2 Payroll Journal Summary to Forms 941
<<F/EA should create a reconciliation sheet that to compare 941 amounts to amounts actually paid throughout the year. F/EA should also reconcile Form 941 to Schedule B and Schedule R. Create a process and insert that process here.>>
5. <<Staff Title>> prints the reconciliation sheet
6. The <<Staff Title>> reviews the sheet and verifies that all entries and mathematical calculations are correct.
7. After verifying, the <<Staff Title>> signs and dates the reconciliation sheet.
8. <<Staff Title>> reviews all documents for completeness and mathematical accuracy.
9. After verifying, <<Staff Title>> signs and dates the reconciliation sheet.
10. <<Staff Title>> stores this reconciliation sheet by scanning it to <<File Path>>
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification.
F/EA shall prepare and review an aged trial balance of the accounts receivable as often as necessary, but at least annually at year-end, in order to determine if any delinquent receivables must be written off as bad debts.
The internal controls used by F/EA to monitor this process establish responsibility, segregate duties, document procedures and ensure independent internal verification. The methods of internal control utilized by F/EA are: