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? Below are a few key points to keep in mind:
- While some units (such as healthcare providers) may have an approved exemption due to unique billing requirements and privacy considerations, most units are required to use Banner AR for their accounts receivable tracking and collection efforts as outlined within Section 5 of the Business and Financial Policies and Procedures.
- Using Banner AR will help ensure accurate financial reporting and supports efficient collection efforts.
- Banner AR also saves time and effort, as you no longer need to submit receivable information to UAFR for the quarterly accounts receivable report required by the Illinois Office of the Comptroller.
- Similarly, you will no longer need to submit year-end receivable information to UAFR on the Year-End Fact Sheet if you use Banner AR (unless you miss the Banner AR reporting deadline).
- If your unit currently maintains receivables outside of Banner AR, consider contacting the University Bursar and UAFR for assistance with transitioning to Banner AR.
- Finally, if your unit currently has an exemption from using Banner AR, and if this exemption was approved several years ago, you may want to:
- Discuss the benefits of converting to Banner AR with the University Bursar and UAFR.
- Review your existing exemption with the University Bursar and UAFR to determine whether it is still necessary. If it is, an updated approval letter can be issued for your records and for audit trail purposes.
Contact
For further assistance, reach out to the appropriate subject matter experts by searching for “Accounts Receivable” in the Business & Finance Who to Ask list.
