Account Reconciliation Project

Information on the Account Reconciliaition project can be found on this page.

Project Background

The Account Reconciliation Project is a Finance run project aiming to enhance the College's Financial Close Management process by improving the Account Reconciliation process. The project objectives are:

1. Develop a risk-based approach to managing Account Reconciliations.
2. Improve management oversight of Account Reconciliation processes, improving response rates, and ensuring reconciliation are approved.
3. Promote automation to reduce effort required to prepare, submit, collate and consolidate, and approve Account Reconciliations.

Product Selection

A competitive tender process was run in the third quarter of 2018 through which the Blackline product was selected.

Product Implementation

To confirm that the Blackline product would deliver the expected benefits to the College a pilot phase was undertaken in April-May 2019. The pilot outcomes where succesful with a significant majority of participants recommending that the College adopt the Blackline product. Based on the pilot outcome a decision to roll-out Blackline was made in May 2019.

Roll-out

Blackline will be rolled out to all College staff participating in the Account Reconciliation process in June to July 2019.

Training will be provided in June 2019 through several in-person training sessions and on-line training materials.

All College staff involved in the Account Reconciliation process are expected to undertake training and complete the financial third quarter reconciliations  (as of 30 April 2019) by the end of July 2019.