• Bursary
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FREQUENTLY ASKED QUESTIONS (FAQ)

The following frequently asked questions are common among those contemplating University Malaya (UM). This page provides answers to these questions and provides links to useful UM websites that provide additional answers.

 

ACCOUNT

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What is reconciliation?

Reconciliation is an accounting process that examines internal records against other financial records to locate and resolve inconsistencies.

If the officer finds that two records are mismatched, then account reconciliation helps discover the reason behind it. Occasionally, discrepancies are simply justified by timing differences or processing delays. But, when substantial discrepancies are unexplainable, then it could be an indication to do further investigation on that matter.

Reconciling accounts consistently will help the organization be able to:

• Reduce the risk of fraud
• Resolve any accounting errors that could have significant consequences on the operations
• Keep to regulations
• Document your activities

PTj can perform account reconciliation by adopting the following steps:

(1) Compare: The process starts by evaluating all transactions in the following reports, but not limited to:

a. General Ledger (GL) Transaction Detail
b. Budget Summary Report
c. Laporan Prestasi Perbelanjaan Dan Peruntukan

(2) Identify: Ptj need to identify all payments that have been submitted to the Bursary, but are not reflected in the GL or vice-versa

(3) Notify: Once PTj has identified the discrepancies, the PTj needs to notify the differences to the Bursary. This could be in the form of duplicate records, incorrect records of transactions, wrongly charged, etc.

Ideally, you would conduct account reconciliations on a routine basis. Depending on your transaction load and PTj, this could be performed daily, weekly, or monthly.

The bursary requires the PTj to respond/ give feedback on the report given every month for (OPEX) & quarterly for project fund within 14 days from the date of report received.

Last Update: 13/01/2022