Did you know that units are required to process all receivable transactions through Banner Accounts Receivable (also known as Banner AR), which is the University of Illinois System’s centralized billing system? See below for a few points related to this topic:
- While some units (such as healthcare providers) may have an approved exemption due to unique billing requirements and privacy issues, most other units should be utilizing Banner AR for their accounts receivable tracking and collection needs as outlined within Section 5.1 and Section 5.2.1 of the Business and Financial Policies and Procedures.
- Utilizing Banner AR will help ensure: (1) proper financial reporting and (2) efficient and effective collection efforts.
- Utilizing Banner AR will also save you time and effort, as you will no longer have to submit receivable information to UAFR on a regular basis for: (1) the quarterly accounts receivable report (which must be submitted to the Illinois Office of the Comptroller) and (2) the Year-End Fact Sheet reporting process.
- If your unit currently maintains receivables outside of Banner AR, contact the University Bursar and UAFR for assistance in converting to Banner AR.
- If your unit currently has an exemption from using Banner AR, and if this exemption was approved more than a year ago, consider the following steps to ensure compliance with good business practices:
- Discuss the benefits of converting to Banner AR with the University Bursar and UAFR.
- Review your current exemption with the University Bursar and UAFR to see if your exemption can be renewed, and if so, if an updated exemption letter can be granted.
Contact
For further guidance, reach out to the applicable subject matter experts within the Accounts Receivable section of UAFR’s Who to Ask list, as well as the University Bursar.
