• Reconcile general ledger accounts (see next sections).

Bank Reconciliation – Disbursement (Bank 56)

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.
  • 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

Responsible position(s):

  • Accountants without access to accounts receivable, accounts payable, or cash