(New 03/02)

 

Agencies will reconcile their bank account balance with the like account maintained in the CTS.  Agencies will reconcile their General Cash, Revolving Fund Cash, and Agency Trust Fund Cash accounts with the Treasurer's bank balance, adjusted for deposits in transit, outstanding checks, and other reconciling items.  When agencies account for more than one fund's General Cash in a bank account, agencies will identify the fund's share on the bank reconciliation. 

 

The SCO sends monthly a Centralized Treasury Trust System Account Statement (bank statement) to agencies that includes a sequential listing of all checks posted during the month.  For each check posted, the bank statement shows the check number, date of payment, and the amount paid.  Agencies will use the listing to determine the amount of outstanding checks.  The outstanding check amount on the reconciliation will be supported by a list showing the number, date, and amount of each outstanding check. Cancelled checks are sorted in sequential order and returned by the State Treasurer's Office (STO).  Agencies will file cancelled checks in sequential order and the bank statements in date order.

 

The bank statement also includes a chronological listing of all deposits posted during the month.  For each deposit posted, the bank statement shows the Report of Deposit number, date the deposit posted, and the amount.  Agencies will use the listing to compare the deposits posted to the outstanding deposits to determine the amount of deposits in transit.  The deposits in transit figure will be supported by a list showing the Report of Deposit number, date, and amount of each deposit in transit.  Agencies will attempt to resolve deposits in transit over 30 days. 

 

Errors on the bank statement will be corrected as provided in SAM Section 8060.  The person reconciling the bank statement will trace every reconciling item between the bank and the agency's records and include an explanation on the reconciliation.