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 helps safeguard system resources.
See below for a few tips to keep in mind when performing your reconciliations, and refer to Section 13.4 Reconciliation of Financial Activities within the Business and Financial Policies and Procedures for further details:
- Perform reconciliations on a timely basis
- Ensure proper segregation of duties
- Trace Banner transactions to source documents
- Monitor and reconcile balances and transactions in both the operating ledger and the general ledger
- Resolve discrepancies identified during the reconciliation process
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.
