Required documents and access:

• Bank statements and downloaded transaction activity
• Banner access to cash account transactions

Frequency and timing:

• Monthly, by the 15th of the month, after soft close, i.e., after all cash entries, receipts, and disbursements have been posted

Steps:

• Download monthly bank statements and account reconciliation files when the bank sends notice that statements and files are ready for the month ended.
• 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 and before the reconciliation is completed, 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.

Bank Reconciliation – Depository (Bank 58)

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

Frequency and timing:

• Monthly, by the 15th of the month, after soft close, i.e., after all cash entries, receipts, and disbursements have been posted

Steps:

• Download monthly bank statements and account reconciliation files when the bank sends notice that statements and files are ready for the month ended.
• Match transactions between bank and Banner.