Reconcile general ledger accounts (see next sections).
Responsible position(s):
Accountants without access to accounts receivable, accounts payable, or cash
Required documents and access:
Bank statements and downloaded transaction activity
Banner access to cash account transactions
Monthly, by the 15th of the month, after soft close, i.e., after all cash entries, receipts, and disbursements have been posted
Download monthly bank statements and account reconciliation files when the bank sends notice that statements and files are ready for the month ended.
Prepare reconciliation files for each account with the bank account transaction details and Banner cash account details.
Import bank reconciliation file to Banner for checks cleared in the month.
Manually enter cleared EFT payments in Banner reconciliation forms.
Match transactions between bank and Banner.
Identify reconciling items that are unable to be matched.
Provide details of reconciling items to appropriate positions, Bursar's Office and/or Accounts Payable, to record or correct before the month is closed, when possible.
List items that cannot be corrected before the month-end close in the reconciliation summary with supporting notes and documentation for all items listed and corrective action taken.
Complete reconciliation after all possible reconciling items have been corrected.
Submit completed reconciliations to Controller for review and approval.
Controller reviews and approves reconciliations; long-running reconciling items (more than one month outstanding) must be reviewed and addressed with the CFO.
Transactions are typically many (Banner) to one (bank).
Bank Reconciliation – Federal Depository (Bank 57)
Federal Depository
Accountants without access to accounts receivable, accounts payable, or cash