Closing Bank Accounts - Fund Accounting
Fund Accountants
Notify your manager when you receive information that a bank account is to be closed out. You will continue to complete a monthly bank reconciliation until your manager confirms it is closed. Do not email Systems to remove pending reconciliations, they should not be removing LFR items without your Manager's involvement.
Managers
Follow the steps below to ensure proper reporting, bank account closure, and bank code inactivation in Peoplesoft*.
*Important: If Treasury does not inactivate the bank code then recon items will continue to generate in the databases.
Notify your manager when you receive information that a bank account is to be closed out. You will continue to complete a monthly bank reconciliation until your manager confirms it is closed. Do not email Systems to remove pending reconciliations, they should not be removing LFR items without your Manager's involvement.
Managers
Follow the steps below to ensure proper reporting, bank account closure, and bank code inactivation in Peoplesoft*.
- The Fund Accountant will need to continue to complete a monthly reconciliation until Treasury confirms that the bank account is closed on the bank side and that the bank code is inactivated in Peoplesoft.
- Once Treasury confirms the bank closure and Peoplesoft inactivation attach a copy of the confirmation to the final reconciliation performed by the accountant.
- Save an additional copy of the reconciliation in the period 12 folder for that year for year-end confirmation purposes by the auditors.
- Forward Treasury's confirmation to FI-ASD-SUPPORT@OKC.GOV requesting they update the bank recon nVision layout & remove any pending recons due.
*Important: If Treasury does not inactivate the bank code then recon items will continue to generate in the databases.
Note: If for some reason we need to leave a bank account active but prevent it generating bank recons due, then Systems can update the tblBankCodeUntracked table to exclude it like they do accounts like DM-11221271.