Revenue Reconciliation is used for 2 CFR part 200 plans ONLY. This table is used to reconcile your cost applied expenditure transfers and revenue to assure you have applied all direct bills correctly and reconciled your revenues for audit purposes. This screen is most helpful for an auditor (or someone reviewing the plan) and assures that all revenues are accounted for and expenditures have not been double-counted. This section is NOT REQUIRED, it is simply for reference and does not affect the calculations done in the other parts of the report.
Open the Reconciliation table in the workspace by expanding the Structure Item in the left hand Navigation Menu and clicking the View icon to the right of the Reconciliation menu item.
To create a row in the Reconciliation table click the “+” icon. You will create a row for every cost applied or revenue account.
The columns are represented below:
Account Description - This allows an area for you to name the account number. You can put in an account number or an Account Number and Name. This is simply a text field.
Account Type:
C/A –Accounts which appear on your expenditure ledger to reduce the expenditure by a given amount. In most agencies this is a intra-fund transfer for reimbursement of a service. This should be entered as a positive number if your expenditure transfer is a credit on your expenditure ledger.
REV - This is for your revenue accounts. ALL revenue account strings should be entered here so you can reconcile with your revenue report even if you do not want to apply all credits.
Amount - Amount is computer generated and is the total of the entered amounts for that row.
Off the Top - This amount is only used if you cannot account for the C/A or Revenue transaction and you need to offset the expenditures by this amount. For example Misc Revenue - in most cases this amount will be classified as “off the top.” Any amount entered in this column will also need to be added to the expenditure table in a line called “Rev off the top” where a credit adjustment can be applied to offset the expenditures by this amount.
Direct Billed - Input the total amount of Direct Bills from the direct billed screen within in the current Report Item. If a Report Item paid for service in that year, you need to enter the credit so that it appears in your C/A or REV credits. An error will occur if your totals do not match the totals from the direct bill table; these totals MUST match for the reconciliation to be accurate.
General Gov - This classification is used for the C/A or Revenues that are considered UNALLOWED under the 2 CFR part 200 guidelines. Some examples of this include outside agency revenues, interest, sale of property, fines, penalties, prior year cost allocation charges, etc.
- Description - A reason description why a C/A or Revenue was entered in the General Government column.
Description, Account Type and Amount must be entered for each C/A or REV line item. Please note that you may have amounts in more than one column for a singular line - in this instance, the system will add all values and populate the total.
Revenue Reconciliation Output
The Revenue Reconciliations appear in schedule X.2 of the report and only appears on the 2 CFR part 200 report.
The amounts you entered in the Revenue Reconciliation tab are totaled and appear at the bottom left of the schedule. As long as the “Difference” amount is $0, you are ensured that the amount has been reconciled. If a value is present, you will need to go back and adjust the amounts to make the difference $0. The “Less off the top” amount displayed should be added to the expenditure table as a separate line cost adjustment in order to offset the expenditures by the same amount.
