Did you know that units must regularly monitor and reconcile their financial activity within Banner? This helps ensure accurate reporting for the University of Illinois System’s audited financial statements and safeguards system resources.
- When performing these reconciliations, it is important to remember to reconcile the activity within the General Ledger (GL) in addition to the activity within the Operating Ledger (OL).
- While most units typically reconcile their expense, revenue, and fund transfer activity within the OL, regularly reconciling the activity posting to assets (such as accounts receivable or inventory for resale) and liabilities (such as accounts payable or unearned revenue) within the GL sometimes gets overlooked.
- To ensure a complete reconciliation, it is important to reconcile both the OL and GL on a regular basis.
For further guidance regarding reconciliations, refer to Section 13.4 Reconciliation of Financial Activities within the Business and Financial Policies and Procedures.
Contact
If you have any questions on this process, feel free to reach out to UAFR at (217) 333-4568 or refer to our Who to Ask list.
