New discrepancy process

Department of Education

19 February 2019

From March 1 - Principals will be required to review the Banking Discrepancies expense account GL 528698 at the start of each month. We will provide instructions about how to do this shortly.

From Term 2, 2019 - Directors, Educational Leadership will be provided with a Bank Discrepancies report for the schools in their principal network to review each term.

Clearing red dots

You now have up to two calendar months to fix unreconciled transactions in your bank clearing accounts. After this, transactions will be moved by EDConnect to the relevant revenue or banking discrepancies GL account according to the schedule below:

Table showing transactions
Image: Table showing transactions.

Transactions in the Banking discrepancies GL account will then be moved to the Impaired bank discrepancies GL account according to the schedule below:

Table of transaction schedule
Image: Transaction schedule.

Note: Centrelink/ABSTUDY payments are not included in this process. You must process an ABSTUDY payment as a Not for Banking receipt against the relevant students.

See the Discrepancy management page on the EDConnect website for more information.

Also see Streamlined banking processes on the SAP Finance website.

What to do with red dots

We recommend you follow the Banking Golden Rules and Best Practice to minimise the number of unreconciled transactions (red dots) on your Bank queries on GL account report.

If a red dot appears on your report, investigate its cause by retrieving the banking documentation for the date of the red dot and use the Banking discrepancy checklist to verify all receipts, cancellations and refunds have been processed correctly for that date.

If you are able to identify the cause of the variance follow the instructions below.

For variances in cash or cheque balances:

  • process the receipts, cancellations or refunds in ebs to correct the error.
  • complete the banking process to send the transactions to SAP.

For variances in Not for banking, EFTPOS and EPAY (POP):

  • process the receipts, cancellations of refunds in ebs to correct the error.

Note: This will cause a red dot in your bank clearing GL account/s for the date you process the correction.

Please refer to the attached document:

New discrepancy process (PDF 375KB)

(Contributor: EDConnect)

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