Unknown variances typically are discovered while reconciling asset (other than accounts receivable) or liability object codes. Typically variances are errors that may have accumulated over several years or the object code has not been reconciled. Making corrections may have material impacts to the university's financial statements and could be an indication that the process needs to be revised. Please consult with Accounting for guidance in establishing a new procedures.
Requests for documentation should include:
Do not use the write-off object code 6330. Instead, use the appropriate object code, which could be a different asset or liability object code, or a revenue or expense object code. The object code will depend on the type of correction being made. For example, if revenue was previous overstated, then the correction should be made on the same revenue object code. As a reminder, use the General Ledger Transfer (GLT) e-doc where possible.