Auxiliary Accounting

As the fiscal year end approaches, it is time again for auxiliary and service accounts to prepare year-end entries. In compliance with University Policy I-350, all auxiliary and service center accounts are required to meet financial reporting standards based on accrual accounting principles. Accrual accounting is the process of matching revenues and expenses in a given period. (This is in contrast to cash basis accounting, where income and expenses are determined as cash is received and disbursed.) You may need to post additional accrual entries to meet those standards. It is critical that all auxiliary and service center organizations use the Accrual Voucher to fairly reflect their financial condition as of June 29, 2007. Contact Auxiliary Accounting and or your Campus Administrative Representative with questions about recording accrual entries.

As part of the fiscal year-end process, Auxiliary Accounting requires that all non-system generated Balance Sheet amounts greater than $50,000 be supported by object code. Detailed documentation supporting these object code balances should be forwarded to your auxiliary accounting consultant no later than the last working day in July. This detail allows financial reporting to ensure accuracy in closing the current fiscal year and beginning the new fiscal year. The balance sheet object code listing and all supporting documentation should equal balances on the Balance Sheet; if not, please explain the discrepancies. If your organization carries an inventory, be sure to advise your consultant as to when the last physical count was taken. See the FMS Auxiliary Accounting website at http://www.fms.indiana.edu/auxiliary/ for more information.

Listed below are the key dates for Auxiliary and Service accounts:

Friday, June 29	All financial documents in TP that were generated prior to June 30 and not approved as of the night of June 30 will be automatically disapproved
Thursday, July 5	First Closing. Must enter period 12 and year 2007 on Auxiliary Vouchers to post to fiscal year 2007.
Friday, July 6	Standard Reports available on WWW. (https://www.fdrs.fms.indiana.edu/fdrs).
Friday, July 20	ALL Auxiliary Voucher entries must be approved from reporting Auxiliary & Service Accounts. *(Note: This means all other approvals must be acquired prior* to 5:00 p.m. on this date.)**
Tuesday, July 31	ALL Auxiliary Balance Sheet support must be provided by object code to Auxiliary Accounting.

If you have any questions, contact Jennifer George at (812) 856-5769 or email jmabry@indiana.edu.