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Account Reconciliation Review

For the full Just-In-Time training click: Account Reconciliation Review-Quick Training

Key Points

  • Account reconciliation is a process by which a department compares the transactions that occurred in Banner (E-prints), to the transactions that were expected to occur on a particular index. (Much like reconciling a checking account against the bank statement).
  • It is very important to maintain a record keeping system that is organized and provides sufficient documentation for transactions. (receipts, invoices, copies of check/cash deposits, etc.).
  • Account reconciliation should be completed on a monthly basis for all indexes in your unit. This should be done in order to know available balances and to ensure that the expenditures are applicable and appropriate for that particular index and to ensure that deposits were recorded appropriately.
  • As a manager you are a steward of the funds allocated to your unit/department, i.e. you have a fiduciary responsibility for them.