Monthly

In addition to the tasks identified on the individual month tabs and the quarterly tab, the following recurring tasks were identified as items to be addressed on a monthly basis; if applicable, throughout the fiscal/school year.

❏ Bank Reconciliation
❏ New Employee Setup
❏ TRS Processing
❏ Process Payroll
❏ Payroll Liability Wire Transfer Transactions
❏ Requisition Process
❏ End-of-Month Closing Checklist

Application(s)Task
Bank Reconciliation

❏ Reconcile bank statements to general ledger cash balances.

  • Be certain that IRS and TRS withdrawals are displayed on the monthly bank statement. If not, determine if a payment was overlooked.
  • Investigate any prior month deposits in transit that do not clear.
  • Review outstanding checks for any items that are old or seem unreasonable.

❏ Reconcile investment account statements to general ledger account balances.

  • Prepare monthly/quarterly investment report for the board. (required by statute)

❏ Investigate outstanding checks to determine if action is required.

❏ Reconcile Due To and Due From accounts (126X/217X).

❏ Reconcile specific general ledger accounts such as “receivables” (12XX).

Finance

❏ Verify that all cash receipts are entered for the month.

  • Pull the TEA payment report and post receipts dated during the current month.
  • Verify that NSLP breakfast and lunch funds were received (districts only have 60 days to claim after the month ends or will lose that month's child nutrition program reimbursement).
  • Verify Foundation School Program funds are recorded.
  • Verify Available School Fund payments are recorded.
  • Verify other grant receipts are payment report are recorded.

❏ Verify that all check payments are entered.

  • 1099 reporting - Obtain W-9 forms for any new vendors.

❏ Verify that all fund transfers are recorded.

❏ Record interest earned on bank accounts and investments.

❏ Record received commodities.

❏ Review general ledger accounts for any expenditures with 00 for function; 000 for organization, or 00 for program intent code.

❏ Review and validate remaining balances in the payroll clearing fund (163).

❏ Report federal and state grant expenditures to the LEA to file for reimbursement.

❏ Review board reports (no detail) for percent expended compared to % expected for this month of the year; if any vary more than 5% above or below, review the detail line item budgets to determine the cause and whether an item was incorrectly coded.

  • Prepare budget amendments as needed.

❏ Keep the superintendent and the board informed of finance issues.

❏ Verify time and effort and make any necessary payroll adjustments for those employees who are required to track time and effort monthly.

❏ Monitor cash balances (daily) to ensure all LEA funds are secured.

❏ Drawdown federal funds monthly as needed to avoid possible high-risk auditee status.

Payroll & Personnel

❏ The TRS ActiveCare payment is due through TEXNET the 15th of the month. If the 15th of the month is not a business day, payment is due by the last business day prior to the 15th.

❏ Work on staff unique IDs (UID).

❏ New Hire Reporting – Generate the Personnel > Reports > Personnel Reports > New Hire Report

❏ Verify that all payroll transactions are recorded or interfaced.

  • Regular payroll(s) is/are processed and interfaced.
  • Supplemental payroll(s) is/are processed and interfaced.
  • Payroll transfer has been automatically posted by the system or manually posted.
  • Payroll deduction checks are processed and/or posted.
  • TRS wires are submitted and recorded by the 6th of the following month.
  • IRS wires are submitted and recorded immediately after payroll. Reference the IRS website for further information: Publication 15 (Circular E).
  • TRS reports are filed and the status is complete.
  • TRS On-Behalf calculations are recorded monthly or annually if preferred.
  • Other payroll-related items such as recognizing rent income are posted.
  • Verify all new hire reporting is done.

❏ Run the Payroll Accrual Variance Extract. This extract can be run before any payrolls are processed for a new school year or during the school year.

❏ Reconcile accrued payroll to 216X (accrued wages) and 22XX (accrued benefits).