FNSFMK411 Perform Reconciliations Assignment

Task 1: Reconcile the Teacher resettlement budget

In Unit 5 we created a zero-based budget for the Teacher resettlement program. That budget was revised to meet top-down financial constraints. In the unit 13 training session, a reconciliation of this change in budget was provided.

In Unit 11, we reported on the progress of the teacher resettlement program with reports showing higher than expected spending. We have been asked to update the Teacher resettlement budget and provide a reconciliation of the changes to the budget from that previously approved.

Based on experience to date, we can update the budget for:

• Increased office accommodation costs - was $320 per square metre and is now $385 per square metre
• Increased house rental costs – was $400 per week and is now $425 per week
• Higher than expected turnover of families – was 130 per annum but revised up to 200 families per annum
• Increased cleaning costs per house – was $300 per clean and is now $350 per clean
• Lower maintenance costs.

That budget has been updated in the workbook titled Teacher Resettlement case study Unit 13.xlsx in the tab titled assumptions revised.

In the tab reconciliation update, produce a point-to-point reconciliation that shows the movement from the approved budget to the revised budget referring to, at least, the following reconciling items:

• Increased office accommodation costs
• Increased house rental costs
• Higher than expected family turnover
• Higher costs for cleaning per house
• Reduced maintenance costs.

Task 2: Reconcile the results from our Unit 11 School accounts

For the school accounts, during the unit we started reconciling the initial profit and loss statement with the updated profit and loss statement.

The Unit 11 assessment required you to process a journal and update the school accounts. Using your updated version of the school accounts submitted in the assessment for Unit 11, please add a new tab that presents a completed reconciliation of

• The initial balance sheet results with the revised balance sheet results by including and completing the table below.

Task 3: Bank reconciliation – Vulnerable Housing

Our organisation, Vulnerable Housing, has received the following bank statement for its deposit account at the end of the financial year.

From the trial balance in the workbook Vulnerable Housing Unit 13 Assessment, we can observe the following in the General ledger:

Complete a bank reconciliation for this account in the workbook titled Vulnerable housing Unit 13 Assessment.xlsx on the tab titled Deposit Bank Reconciliation.

1. On the reconciliation, identify what actions are recommended to correct the difference
2. Draft the journals required at the end of the year to remedy this situation

Task 4: Temporary accounts

• What is your understanding of what this balance represents?
• Using the department’s purchase card reconciliation form, input your own examples of transactions to complete a reconciliation for the amount in the holding account.
• What will be the transaction that clears the balance in the holding account?

Task 5: Communicate with stakeholders

For each of examples in Tasks 1, 2 and 3, provide a list of people we might need to communicate with and work with for any of the following aspects of producing our reconciliations:

• Sourcing information for the reconciliation
• producing the reconciliation
• resolving any differences arising
• Escalating unresolved differences
• Sign off on the reconciliation.

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