Monthly Reconciliation Report Sample Clauses
The Monthly Reconciliation Report clause requires one or both parties to regularly review and compare financial records or transaction data on a monthly basis. Typically, this involves preparing a detailed report that summarizes all relevant transactions, payments, or account activities for the preceding month, which is then shared between the parties for verification and agreement. The core function of this clause is to ensure ongoing financial accuracy, transparency, and prompt identification of discrepancies, thereby reducing the risk of errors or disputes over financial matters.
Monthly Reconciliation Report a. Request a summary of the Servicer’s process and procedures for preparing each Collateral Report. Record information given on (i) source of information and (ii) calculation sources. Confirm that the calculations are correct and cut-off and reporting dates of the information recorded in the Collateral Reports are in accordance with the Agreement.
b. Tie out of the [insert previous 3 months] Collateral Reports inputs to appropriate source documentation and the underlying Servicer’s system of record. These procedures should include arithmetical testing/accuracy, recalculation of ratios, and comparison to the legal Agreement for all sections of the Collateral Reports.
c. Record the reconciliations made between the Servicer’s source systems and the Collateral Reports as of [insert previous three months] and summarize any differences noted. Request the Servicer to comment on the differences and record the findings.
Monthly Reconciliation Report. This report shall comply with the requirements of Exhibit B1 and include an accounting of the District assessment funds disbursed to Contractor. The Reconciliation Report shall be submitted to the City on or before the 15th day of the second month following the disbursement of said funds.
Monthly Reconciliation Report a. Request a summary of the Servicer’s process and procedures for preparing each Monthly Report. Record information given on (i) source of information and (ii) calculation sources. Confirm that the calculations are correct, and cut-off and reporting dates of the information recorded in the Monthly Reports are in accordance with the Agreement. Understand if the Borrowing Base is calculated based off Collateral Obligations that have been traded or settled and confirm this it is in accordance with the Agreement. If the Borrowing Base is on a trade date basis, ensure the Monthly Report is listing all Collateral Obligations that have yet to settle and the cost to settle them.
b. Tie out of the most recent previous 2 months Monthly Reports inputs to appropriate source documentation and the underlying Servicer’s system of record. These procedures should include arithmetical testing/accuracy, recalculation of ratios, and comparison to the legal Agreement for all sections of the Monthly Reports.
c. Record the reconciliations made between the Servicer’s source systems and the Monthly Reports as of [insert previous three months] and summarize any differences noted. Request the Servicer to comment on the differences and record the findings.
d. Trace the amounts reported for both months from the MS Excel spreadsheets to the PDF Trust reports. Verify that all figures agree.
i. If the facility includes a W▇▇▇ calculation, tie the ratings for each position to the source of the rating (Moody’s or S&P websites)
e. Test to ensure that all advances are used properly (in compliance with Section 9.26 of the Loan Financing and Servicing Agreement.
f. Obtain a copy of the [date] Collateral Obligation Schedule (per LFSA Section 10.20).
Monthly Reconciliation Report a. Request a summary of the Servicer’s process and procedures for preparing each Monthly Report. Record information given on (i) source of information and (ii) calculation sources. Confirm that the calculations are correct and cut-off and reporting dates of the information recorded in the Monthly Reports are in accordance with the Agreement. Understand if the Borrowing Base is calculated based off Collateral Obligations that have been traded or settled and confirm this it is in accordance with the Agreement. If the Borrowing Base is on a trade date basis, ensure the Monthly Report is listing all Collateral Obligations that have yet to settle and the cost to settle them.
b. Tie out of the [insert previous 3 months] Monthly Reports inputs to appropriate source documentation and the underlying Servicer’s system of record. These procedures should include arithmetical testing/accuracy, recalculation of ratios, and comparison to the legal Agreement for all sections of the Monthly Reports.
c. Record the reconciliations made between the Servicer’s source systems and the Monthly Reports as of [insert previous three months] and summarize any differences noted. Request the Servicer to comment on the differences and record the findings.
Monthly Reconciliation Report. Each month, FACS will provide to GE Bank a monthly reconciliation report that will set forth the calculation of the Debt Cancellation Product Net Revenue, based on data received by FACS from the third party service provider(s) utilized by GE Bank.
Monthly Reconciliation Report. Within thirty (30) days following the end of each month during the term of the Agreement, Alliance shall submit to County a monthly report that reconciles the beginning and end balance of the LIHP Covered Services Account with paid claims and overpayment collections made during the month.