All checks are reconciliation tools that clients use to validate the accuracy and completeness of their reports and data. MDFM administrators can use them to help verify that accounts requiring elimination have been fully eliminated, accounts are properly balanced, adjustments have been made correctly, and other reconciliation requirements have been met.
Use Checks to Reconcile Data Walkthrough
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Key Areas to Know
Checks Table View
Most data models will have a Checks table view. Select it to review.
Cross checks are set up based on the data model to ensure the statements are balanced. In this table view, you should see a 0 if the fund is balanced. If you see anything higher or lower than 0, review the cross-check to understand how to balance it.
Cross-Checks in a Statement Table View
In each statement table view, there is also a cross-check above the grand total. Just like the Check table, this should also show 0 if the fund is balanced. If it shows more or less than 0, review the cross-check row to determine the issue.
Note: This will not show in a Report and is only used for reconciliation within the MDFM.
Troubleshooting
Issue: My statement’s cross-check is not balanced.
Solution: This could be due to one or a combination of reasons. Follow these steps. in this exact order, to confirm the imbalance.
- Trial balance is not balanced. Review the data that was uploaded.
- Not all accounts are mapped in the models. Check the mapping of the affected models.
- Prior year restatements are not posted. Check adjustments within the data model.
- Rounding differences. Create a rounding adjustment.
Issue: My Checks pivot view shows totals greater than 0.
Solution: Perform a rounding review to review all funds and potentially create a rounding adjustment to fix the imbalance.
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