Account Reconciliation Process

Account ReconciliationAcronyms Bar
Keep This in Mind

  • 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.)
  • Managers and their assistants are free to develop a customized reconciliation process for your unit or department, something that works for you. But you must have a system.
  • 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 made were recorded appropriately.
  • Managers should review each E-print/reconciliation for every index within their unit. It is a good practice to sign and date each E-print after completing your review. Work with your assistant to resolve any concerns or unidentified transactions.
  • As a manager you are stewards of the funds allocated to your unit/department, i.e. you have fiduciary responsibility for them.
  • If during the reconciliation process you are unable to identify a specific transaction, call your assigned accountant in the Controller’s Office for additional help.

Danger Zone

  • If you find a potential inappropriate use of USU dollars, refer it to your Department Head, College Dean, or Controller’s Office for additional help.


What to do:

  • Review the reconciliations of all indexes for which you have fiduciary responsibility monthly.
  • Review for reasonableness
    • Examples: Ensure that...
      • Dollar amounts are correct
      • Are the stores or vendors appropriate?
      • Are the expenses on the correct index?
      • Are the expenses allowable?
  • Compare E-print statements to your customized reconciliation system.
  • Remember to sign and date the reconciliations and send them to your assistant for record keeping purposes.



Last Updated on 2/3/2011