Keeping Accounting Records
Definitions
Records - Records are official and trustworthy documents used for accountability and transparency. Requirements for retaining records are mandated by federal and state laws and regulations. Official accounting records include University of Illinois System annual financial reports, monthly fund statements, bank reconciliations, fund reconciliations, and journal vouchers.
Working Documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.
Temporary Documents - Working documents are unofficial yet trustworthy documents used to support business activities. Examples include copies of official records retained for your convenience or preliminary planning documents.
UAFR Responsibilities
University Accounting and Financial Reporting (UAFR) retains the following for the current fiscal year and 5 previous years:
- Financial reports (annual and other)
- University bank reconciliations
- Fund reconciliations when reconciled in OBFS
- Chart of Accounts files
- Sales tax and Unrelated Business Tax records (UBIT)
- Standard monthly reports (retained by AITS for OBFS)
Unit Responsibilities
Units retain the following for the current fiscal year and 5 previous years:
- Fund reconciliations and supporting documentation
- Details, documentation, and substantiation for journal entries recorded in Banner, including internal sales
- Details, documentation, and substantiation for sales tax and Unrelated Business Income Tax (UBIT) information
For information about record keeping for self-supporting activities, consult Keeping Self-Supporting Activities Records.
For assistance, consult your unit Records Liaison or records contact, if you have one, or the Records and Information Management Services team.
Keeping Self-Supporting Activities Records
Keeping Property Accounting Records
Keeping Receivables Records
Keeping Cash Handling Records
Records and Information Management Services
Urbana - University Archives
Chicago - University Archives
Springfield - Archives/Special Collections
Last Updated: June 5, 2019 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2009