blog posts

• UAFR Weekly Tips: Reconciliation Tools & Job Aids

  Sep 25, 2024 9:00 amAccounting and BudgetingFY 25

  As stated in last week’s tip about the reconciliation of financial activities, units must regularly monitor and reconcile their financial activity within Banner to ensure accurate financial reporting for the University of Illinois System’s audited financial statements and to safeguard system resources. See below for a few tools that are available which can help make the reconciliation process a bit easier: 

  • The FY25 Month-End Closing Schedule provides the closing date for each month/period, which is the final date that you can use to backdate a transaction (such as a journal voucher) to the prior month.  
    
    

    • This webpage also provides the date that the related financial reports (such as My-UI-Financials) will be available.    

  • The Reconciliation Reports webpage provides a variety of reports that may be helpful during your monthly reconciliation process.  
     
    • For example, the Misclassified FOAPAL Report provides a list of operating ledger (OL) balances which may be misclassified transactions (such as a transaction posting to a gift fund with an organization and/or program code that differs from the defaults assigned within Banner). 
      
      

  • The Finding Your C-FOP Balance job aid outlines how to find a fund or C-FOP’s available balance in Banner, which varies by fund type.    

  • The Reconciliation Guidance Job Aid is a tool that you can use to identify good business practices to include when developing your reconciliation process.  This job aid was created by a cross-functional team consisting of individuals with a strong knowledge of internal controls and reconciliation processes.    

  •  Finally, Section 13.4, Reconciliation of Financial Activities within the Business and Financial Policies and Procedures (along with the Reconciliation of Financial Activities webpage) provides additional resources and guidance on how to perform a proper reconciliation.  

  Contact
  If you’d like further tips on effective reconciliation processes, feel free to reach out to UAFR via email or phone at uas@uillinois.edu or (217) 333-4568, respectively.