FAQ - Bank Statement

March 9, 2016

Why do I have to submit a bank statement and reconciliation to the Finance Service Center?

Each December and June the CFAES Finance Service Center requests copies of the November and May bank statements from external bank accounts. These are due December 31st and June 30th of each year. 

Bank account statements allow the University to see point in time data for the accounts and properly account for balances on the general ledger. 

  • All pages of the bank statement should be provided for November and May.
  • The bank statement pages should include images of cashed checks related to this bank statement.
  •  A signature should be on the bank statement from the unit leader showing it has been reviewed
  • A signature should be on the bank statement from the unit reconciler showing it has been reconciled. 

Bank reconciliations allow us to verify compliance with University policy; ensuring all bank statements are being reconciled on a monthly basis. It also allows Extension Administration to ensure that units are following guidelines on checking account maximum balances ($20,000 on average). 

  • For the submission in December and the submission in June you must use the CFAES Bank Reconciliation Form. For the other months you may choose to use a different reconciliation format.
  • Tips on completing the form: 

Source: Local Checking Account, Forms

Questions: CFAESbusiness@osu.edu