Has your unit engaged in a non-monetary exchange during FY24? If so, see below for guidance on how to proceed:
- In other words, if a system unit has received something of value from an external vendor and pays the vendor with goods and/or services (as opposed to cash), then a non-monetary exchange has occurred.
- For example, if a system unit gives event tickets to a local television station in exchange for that station providing advertisements for the event during the local news, then this would be a non-monetary exchange and would need to be reported to UAFR. This would ensure that UAFR is able to record the necessary transaction to Banner on a timely basis, which is necessary for proper financial reporting.
- These transactions should ideally be recorded to Banner in the same accounting period (i,e., the same month and fiscal year) in which the transaction occurred.
- Per the FY24 Closing Procedures, the deadline to submit non-monetary exchange transactions for FY24 business is Friday, 7/5/24 by 5:00 PM.
- To report a non-monetary exchange to UAFR, complete and submit the Report of Non-Monetary Exchange Form, which was recently updated with various improvements to make it more user-friendly!
Contact
For further details, contact the applicable subject matter experts within UAFR by searching on “Non-Monetary Exchanges” in the upper right corner of the Business & Finance Who to Ask list.
