Bank Account Reconciliation

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Home
Financial Resources Management
Cash Banking and Investment
Cash Management
Bank Account Reconciliation

Main navigation

Inventory Management
- Inventory Management
Cash Banking and Investment
Financial Closure of Development Projects and Trust Funds
Financial Management and Implementation Modalities
Financial Operations Management
- Corporate Operations and Information Management
- Statutory Financial Reporting
Pipeline and Revenue Management
Expense Management
Resource Planning and Cost Recovery
Working with External Auditors
- Working with External Auditors

Focal Point

Sanjeeb Bhattarai

Effective Date

01/01/2012

Planned Review Date

31/12/2025

Version

1.0

Latest updates

January 09, 2023 - The policy and procedures have been updated to reflect UNDP's transition to its new cloud-based management platform Quantum in January 2023, replacing its previous ATLAS system. p tag used here for line break February 07, 2022 - The Bank Account Reconciliation policy is now available in French. To access the document, click on the French language tab. p tag used here for line break February

January 09, 2023 - The policy and procedures have been updated to reflect UNDP's transition to its new cloud-based management platform Quantum in January 2023, replacing its previous ATLAS system. p tag used here for line break

February 07, 2022 - The Bank Account Reconciliation policy is now available in French. To access the document, click on the French language tab. p tag used here for line break

February 20, 2020 - The Bank Account Reconciliation policy is now available in Spanish. To access the document, click on the Spanish language tab. p tag used here for line break

December 01, 2015 - Content reviewed and edited (minor edit without changing substance). p tag used here for line break

EXPAND

Relevant Regulations and Rules

UNDP Financial Regulations and Rules

Policies

Main Policy

Bank Account Reconciliation

DOCX (72.83 KB)

View Download

Procedures

Main Procedures

1

Step

Previous day electronic bank statements for bank accounts that are part of the UNDP Global Interface are reported and uploaded daily using the following navigation in Quantum:

Cash Management>Bank Statements and reconciliation. Each bank statement is loaded with a statement ID, statement end date and numbers of statement lines.

Responsible Party

GSSC B2B

Template/Guideline

Explanatory Notes

Establish controls to ensure that uploaded statements match with those reported.

Bank statements may be reviewed in Quantum by using the following navigation.

Reports and Analytics>Browse Catalog>Financial>Cash Management>Bank Statements>

2

Step

Opening and closing bank balances are also automatically loaded into Quantum. The balances can be viewed at the following navigation in Quantum: Cash Management>Bank Statements and reconciliation>Task Bar>Bank Statements>Manage Bank Statements

Responsible Party

GSSC B2B

Template/Guideline

Explanatory Notes

Opening and closing bank balances may be manually loaded using the following navigation.

Cash Management>Bank Statements and reconciliation>Task Bar>Bank Statements>Create Bank Statements

3

Step

Automatic Reconciliation is run as a batch process centrally and reconciles transactions from the most recent bank statements loaded to Quantum with transactions from Accounts Payable (AP), Accounts Receivable (AR) and Treasury (TR) sub modules.

Responsible Party

GSSC B2B

Template/Guideline

Explanatory Notes

4

Step

The Automatic Reconciliation Exceptions
For each one to one automatic reconciliation rule, exceptions are looked for in the following order:
1)    Ambiguous - This exception occurs when either there is more than one application transactions that could match to the line or the transaction could match to more than one statement line.
2)    Date - This exception occurs when a system transaction meets all the matching criteria except the date of the transaction is out of the tolerance range.
3)    Amount - This exception occurs when a system transaction meets all of the matching criteria except the amount of the transaction is outside the tolerance range.

Responsible Party

GSSC B2B

Template/Guideline

Template/Guideline

Explanatory Notes

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