blog posts UAFR Weekly Tips Jan 19, 2022 9:00 amAccounting and BudgetingFY 22Did 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 reconcile not only the revenue, expense, and fund transfer activity within the Operating Ledger (OL), but also the asset and liability activity within the General Ledger (GL). This is essential when reconciling fund types that commonly have GL activity (such as self-supporting funds or service plan funds). Omission of a GL reconciliation could potentially lead to stagnant and incorrect balances within the GL. For example, if a self-supporting fund contained receivables, inventory for resale, unearned revenue, and deposits within the GL, it would be important to reconcile those balances on a regular basis to ensure the balances are accurate and up-to-date. For further guidance regarding reconciliations, refer to Section 13.4 Reconciliation of Financial Activities within the Business and Financial Policies and Procedures.ContactFor further details, reach out to UAFR at (217) 333-4568 or refer to an applicable subject matter expert within the Who to Ask list.