Account Reconciliation

Key Points

• Account reconciliation is a process by which a department compares the transactions that occurred in Banner (Argos) to the transactions that were expected to occur on a particular index. This is similar to 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 reconciliations should be completed on a monthly basis for all indexes in your unit.  
• Review expenses for reasonableness by ensuring that… 
  • Dollar amounts are correct 
  • The stores or vendors are appropriate 
  • The expenses are on the correct index 
  • The expenses are allowable according to the budget of the index 
• Review revenues for reasonableness by ensuring that… 
  • Deposits are made in the correct revenue account code 
  • Point of sale system activity match Banner deposit amounts 
  • If using a Cash Clearing account (102900), verify transmittal amounts match the deposits 
  • All cash handling procedures are established and followed.
    • Cash Handling Policy https://www.usu.edu/policies/530
    • Cash Handling Procedures https://www.usu.edu/controllers/cash-handling-procedures

**Note: Reconciliation processes may vary depending on specific activity occurring in the index. If you need help creating a reconciliation process, please contact your accountant in the Controller’s Office. 

REV: 06/14/21