• 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.

Accounts Receivable Reconciliations

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.
• oAll supporting documentation.
• oExplanations for any reconciling items with instructions for corrective actions to be taken to resolve, if they cannot be resolved before month-end system close.
• oDocumentation 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.
• oPreparers' electronic, time-stamped signature.