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Business and Financial Policies and Procedures

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 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.

OBFS Responsibilities

OBFS 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.

Related Policies and Procedures

Keeping Self-Supporting Activities Records
Keeping Property Accounting Records
Keeping Receivables Records
Keeping Cash Handling Records

Additional Resources

Records and Information Management Services
Urbana - University Archives
Chicago - University Archives
Springfield - Archives/Special Collections

Last Updated: April 11, 2016 | Approved: Senior Associate Vice President for Business and Finance | Effective: November 2009

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