Reconciliation

Each Agency enters interdepartmental activity and balances by SGL Standard General Ledger account in ITRS Intradepartmental Transactions Reconciliation System. This application provides real-time reporting of amounts entered by trading partners. It also allows on-line entry of intradepartmental transactions and balances details.

Agencies are to use ITRS Intradepartmental Transactions Reconciliation System, in addition to direct communication with trading partners, to facilitate reconciliation of reported differences. Both the providing and receiving Agency reconciles amounts identified and resolves any differences. Positive confirmation to trading partners of intradepartmental balances is required, based upon verification of amounts in specific general ledger reciprocal accounts. This requires communication of intradepartmental activity and balances by SGL Standard General Ledger account, determination whether any differences exist, and resolution of those differences by recording a correcting entry to the general ledger.

If the trading partners cannot reach an agreement within the reconciliation limit on the amount to be reported for elimination, the entities should contact OCFO Office of the Chief Financial Officer, Accounting Policy and Consolidated Reporting Division for guidance.