Bank accounts must be reviewed and reconciled monthly by the appointed representatives within each department/school/center. There are two types of reconciliations required for each account:
- The expenditure activity must be reconciled in ARC and
- The ending bank balance on the bank statement must be reconciled to the bank balance in ARC.
The completed bank reconciliations must be submitted monthly to the appropriate central business office (the Controller’s Office for non-CUMC accounts and the CUMC Administration Office for CUMC accounts) for review within the required timeframe. All Morningside reconciliations need to be submitted monthly to the Controller's Office Cash Team.
Refer to the Posting to a Foreign Currency Bank Account job aid for additional details.
For complete guidelines on proper bank reconciliation procedures and the submission timeline, please refer to the Financial Reporting and Operations page of the Controller’s Office website.