Match transactions between bank detail and Banner AR detail and Banner GL detail utilizing 3rd party processor reports when needed.
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, when possible, before the month is closed.
Rerun cash balance per Banner after corrections have been posted.
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.
Responsible position(s):
Accountants
Required documents and access:
Banner
Frequency and timing:
Monthly, by the 15th of the month, after soft close
Steps:
Run a report of accounts receivable aging by student from the subsidiary ledger.
Run a trial balance report of student accounts receivable.
Compare to find any differences.
Research and resolve differences.
Post correcting entries prior to month-end system close.
Prepare reconciliation summary including:
Submit reconciliation package to the Controller for review.
All supporting documentation.
Explanations for any reconciling items with instructions for corrective actions to be taken to resolve, if they cannot be resolved before month-end system close.
Documentation of management communication on follow up items that have not been resolved by the next reconciliation, i.e., all reconciling items should be resolved by next month's reconciliation; no items should be carried forward more than one month.
Preparers' electronic, time-stamped signature.