Monthly Bank Reconciliation Process Begins With January Balance

Dec. 15, 2020

There will not be any reporting for December 2020. Watch for your January 2021 bank statement that includes a January end-date for the reporting period. As part of the new monthly reporting process as required by the University for Workday, complete this WEBFORM by the 3rd Monday of each month.  You will be asked to fill in the ending balance from that statement and input dates that are reflected on that statement by February 15th. If you have any concerns about meeting this monthly reporting requirement based on when you receive your statements, please reach out to Vickie Snyder. We will make adjustments as necessary.

February's statement period end-date balances will be requested by March 15th. Beginning with the February statement, the total amount of checks/expenses and total amount of deposits/income will need to be reported through our Webform. Reconcile your totals against your bank statement to see if your balance matches the bank statement balance. We will use your monthly net income/expense to update our total cash balance for local checking accounts on the University's general ledger.

In June we will also collect a copy of your statement, the bank name, location city, account#, and other information as required by the University for their annual external account reporting process. If the 12-month average balance is over $20K a check needs sent to Columbus for deposit in the Miscellaneous Fund. If more than one checking account is open that will need reported at that time as well.

We understand that there are logistical challenges to obtaining bank statements while teleworking. If your fiscal steward is unable to obtain an electronic copy of the statements to send to the Office Associate, please work with Jesse Buxton and Vickie Snyder to explore options. 


Extension policy requires that bank balances be less than ANNUAL average of $20,000.00. IF the annual average amount is greater than $20,000, please choose one of the following options:

1) Deposit money into your University Miscellaneous Designated Fund (060xxx-061xxx). Write check to The Ohio State University, send with the Extension Deposit Transmittal Form to Dawnn Brown (address on the form). Deposit using account 41225 and description "Reduce local checking account balance". Then email a copy of the deposit form to along with pdf of most recent bank statement.

2) Request a one-year exception to the policy, which will be reviewed to determine if your request is appropriate and essential for Extension business. Please provide a letter and documentation supporting such an exception with most recent bank statement.