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, all auxiliary and service 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, in this case as of June 28, 2002. You may have to post additional accrual entries to meet those standards.

Detailed letters were mailed in April explaining the types of accrual entries, which must be properly recorded in the university Financial Information System (FIS). A form was enclosed, to allow you to easily record the accrual information. For those of you who do not post monthly accrual entries, you must complete and return the form to Kyle Martindale, Poplars 535, Bloomington; Fax: (812) 855-1879; email: kymartin@indiana.edu no later than Tuesday, July 17, 2001.

For those of you who already prepare accrual entries in the FIS on a monthly basis, continue with your normal process, with your enties completed and approved by 7/20/02.

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

Friday, June 28	All financial documents in TP that were generated prior June 29 and not approved as of the night of June 29 will be automatically disapproved.
Friday, July 5	First Closing. Auxiliary Voucher posting period changed to 12 and year to 2002 after this date.
Saturday, July 6	Standard Reports available on WWW. (http://www.fms.indiana.edu/fdrs).
Tuesday, July 16	Completed Annual Reporting Auxiliary & Service Enterprise Year-End Accrual entries due.
Saturday, 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.)**

If you have any questions, contact your individual consultant or Jim Engel at (812)-855-4412 or email njengel@indiana.edu.