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Business and Financial Policies and Procedures

Keeping Receivables 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 receivables records consist of invoices, billing statements, and records of payment.

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 - Temporary documents are transitory and not records or working documents. Examples include drafts, reference materials, and routine correspondence.

OBFS Responsibilities

OBFS retains the following for the current fiscal year and 5 previous fiscal years:
  • State Quarterly AR Report
  • Aging Analysis Report (TGRAGES)
  • A/R Reconciliation Reports (TGRRCON)
  • Daily Accounts Receivables to General Ledger (AR to GL) reconciliations
  • Billing statements, payment records, and allowance calculations for units that use Banner AR

Unit Responsibilities

Units must retain the following for the current fiscal year and 5 previous fiscal years:
  • Units that use Banner AR retain invoices.
  • Units that have received an exemption from using Banner AR retain invoices, billing statements, payment records, allowance calculations, and quarterly AR reports. They must also retain records of their AR system reconciliation to the General Ledger.

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

Request an Exemption from Using Banner AR

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: March 2010

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