Typically, accounting transactions for campus entities are recorded to revenue and expense accounts. These entries adjust balances on the Budget/Expense Summary reports. Every campus entity also has a Balance Sheet. The balance sheet lists assets (claim on cash, prepaids, receivables, inventory, etc.) and liabilities (accrued liabilities, payroll and taxes payable, notes payable, deferred revenue, etc). Many campus entities record transactions to balance sheet accounts and are therefore responsible to know what activity is occurring and to assure proper classification for those transactions. Even departments that do not make such entries should occasionally look at their balance sheet to make sure a miscoded entry has not hit their
accounts.

Read More about the Balance Sheet Reconciliation Guide in PDF.