A 'Swift' update on discrepancy management

Department of Education

06 March 2019

Use the new Banking discrepancy checklist to investigate variances in your banking when balancing your till. It may help you identify the cause of the discrepancy in your daily banking and enable you to fix it.

Note: To record a discrepancy at the Cash Desk, you must have SAM rights in ebs: central, however, you no longer need your director’s approval. Refer to the updated Close a till – QRG for more information. This quick reference guide now includes information about how to record a discrepancy.

Discrepancy management from 1 March 2019

From 1 March 2019, unreconciled transactions (red dots) from January will be moved by EDConnect to the relevant revenue or banking discrepancies GL account.

Principals are required to review the Banking Discrepancies expense account (GL 528698) each month, ideally from the second week. This will ensure that EDConnect have time to move transactions from bank clearing GL accounts to the Banking discrepancies GL account prior to your review.

See the new quick reference guide, Review banking discrepancies – QRG for information about how to do this as part of the Discrepancy management process.

(Contributor: EDConnect)

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