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USAS Month end Balancing Checklist

USAS Month end Balancing Checklist

Oct 15, 2025

Individual ITCs may supply slightly different instructions depending on the policies and procedures of the ITC.  Therefore, these procedures are intended to be general guidelines only.

 

1. Enter all transactions for the current month
2. Attempt to reconcile USAS records with your bank(s)
3. Generate the SSDT Cash Summary report and the SSDT Financial Detail Report.

◊  The Financial Detail Report can be run for the month only to compare MTD totals to the Cash Summary Report.

◊   Compare the totals from reports... they should be identical.

4. If all above steps are performed and the totals all agree, you are in balance and may proceed with the next step.

5. Manually run and review desired reports

Month End Reports:

6. To close the month, under the Core menu, click on Posting Periods.

 

The posting period is now closed for the month.  Proceed with your next month's financial transactions.

Reminder

After the new posting period is open, please review any Pending Transactions in Transactions>Pending Transactions that are to be posted in the new period.   Please post accordingly.

 

Bank Reconciliation Steps

Reconciling bank statements regularly is imperative for good financial management of a school district. One method for performing a bank statement reconciliation is outlined below.

1. Obtain all Bank Statement(s) from your financial institution and enter the balances into the Gross Depository Balance section of the USAS Cash Reconcilition form.
2. Reconcile your disbursements:
To auto-reconcile checks with a file received from the bank:
5. Generate the Cash Summary Report for the USAS fund balance.
6. Reconcile the Bank Statement by these steps:   
Enter your Bank Balances from Step 1 into the Gross Depository Balances in the Cash Reconciliation form.
Enter any Adjustments to the Bank Balance
Add Deposits or Cash In Transit that have not been accounted for by the Bank institution yet.  These deposits that are not on your bank statement typically happen near the end of the month.   
Subtract Disbursements that cleared the bank before the disbursement date.  For example, the 10/2/25 payroll was deducted from the Bank balance on 9/30/25.
Subtract the total of the outstanding checks from the outstanding Disbursement Summary Report (Step #4).
Add/Subtract any other adjustments:
Returned disbursements.
Bank Fees not yet posted to the books.
Unrecorded Electronic payments or direct payments.
Voids processed after the statement cutoff.
Reconciling adjustments - errors found in recording.
Future-dated payments - example:  Payroll taxes scheduled but not processed.
Enter/Record any Investments.  (Money market funds, CDs, etc)
Record any Cash on Hand physically but not included in the Bank.   (i.e. petty cash account.)
Compare the Fund total from the Cash Summary Report (step 5) with the Adjusted Bank Balance.  If the balances are the same, the bank statements agree with the records in USAS; therefore, your records are reconciled with your bank.

Bank Balance - Gross Depository Balance
+/- Adjustments to the Bank Balance
= Total Adjustments to the Bank Balance before Cash on Hand and Investments
+ Investments
+ Cash on Hand (i.e. Petty Cash)
= Adjusted Bank Balance   -   Should equal the USAS fund balance listed on the Cash Summary report for all funds.  

 

For reconciliation issues, please see the FAQ section for Identifying Reconciliation Errors.