Ensuring Data Integrity & Accuracy while Reducing Labor

Submitting monthly Statements of Transactions and Statements of Accountability reflecting changes in the Treasury Fund Balance can be challenging for agencies with complex accounting infrastructures, comprising disparate reporting and data management systems. It can be difficult enough to match data among these internal systems, much less to reconcile with the Treasury Fund Balance. Further, the process is extremely labor-intensive and some agencies find that even with large accounting teams working on the reconciliation, it cannot be accomplished in a timely manner.

Different systems, different ways of looking at data

Most reporting agencies have to match data that crosses a wide variety of financial systems in order to reconcile Fund Balance with Treasury (FBWT). Each of these systems looks at data differently, with different definitions and ways of presenting Line of Accounting (LOA), fund, control and activity information, among other data elements. Normalizing these data points from the various systems is the key to efficient reconciliation. Oversight Systems’ transaction monitoring software automates this process, extracting data from the various source systems, normalizing the data definitions, and deriving missing fields by aggregating available data. Disbursement and collection transactions are compared, and any unmatched items are automatically assigned to specific problem categories to help in determining and addressing the root causes. Oversight then generates a reconciliation report of unmatched transactions that is categorized by LOA to facilitate reconciling the trial balances.