||The process of comparing information that exists in two systems or locations, analyzing differences and making corrections so that the information is accurate, complete and consistent in both systems or locations. For financial reporting purposes, the process includes comparing the local unit's record of financial information to the general ledger.
||Reconciling your checkbook to a bank statement . Very often, you will have adjustments that you need to make to both your checkbook and the bank statement in order to have a correct balance. Common adjustments to your checkbook balance include deductions for items such as service charges or debit card transactions that did not get recorded in your checkbook register. Adjustments to the bank statement balance include deductions for any outstanding checks or additions for deposits in transit. After you make the appropriate adjustments to each, the adjusted balance should be the same for both the checkbook and the bank statement.
||The process of examining financial information for accuracy and reasonableness. If determined to appear inaccurate or unreasonable, further investigation is warranted.
||Each payday you should review your pay statement to ensure that you have been paid the correct amount and that the appropriate deductions have been taken out of the gross amount, such that the net amount paid is accurate. To check for reasonableness, you might first look at the net pay to make sure it is reasonable or consistent with prior periods. If it is not reasonable, you would then start looking at each transaction on your pay statement.
||The process of evaluating and interpreting financial information. Analysis includes breaking the information as a whole down into various parts to determine the makeup of the parts. · Deductions. You note that there is a slight change in the amount of taxes withheld, which you can attribute to the new Before-Tax Deduction. · Review After-Tax Deductions and note that there are no changes. · Calculate the net amount of pay by taking the gross amount less taxes and deductions. You conclude that the new net amount of pay is correct.
||When you receive your pay statement, the net amount of pay is different from what you were expecting. You would need to do the following: · Substantiate that the gross amount is correct. You would do this by multiplying the current rate by the current hours. You may also want to compare the current rate of pay to the rate from the previous pay period to determine if there have been any changes. You should also verify that the number of hours is correct, as submitted on your time and absentee cards. · Compare Before-Tax Deductions to the previous pay period to see if there have been any changes. If you are uncertain about the description of one of the deductions, you can go to Human Resources Self Service My One Stop to find out more information. You note that there is a new Parking deduction, which you have recently authorized. · Review taxes and After-Tax Deductions. You note that there is a slight change in the amount of taxes withheld, which you can attribute to the new Before-Tax Deduction. · Review After-Tax Deductions and note that there are no changes. · Calculate the net amount of pay by taking the grow amount less taxes and deductions. You conclude that the new net amount of pay is correct.
||The process of examining information contained in an chartstring, report or system to confirm that it is accurate and that it is complete.
||During the last pay period, in addition to your regularly scheduled hours, you worked eight hours of overtime. When you receive your next pay statement, you should verify that the eight hours of overtime have been included in the current earnings along with your regular pay.
||The process of corroborating or confirming financial information contained in an chartstring, report or system to ensure that the information is accurate and complete.
||Your supervisor advises you that you will receive a 3% annual increase in pay. You want to substantiate that your new rate of pay is correct. You can do this in several ways: · Apply a 3% increase to your current rate of pay or · Take your current annual salary and apply the 3%, then divide by the number of pay periods to determine your rate per pay period.