2004-2005 Year-End Closing

2004–2005 Year-End Closing June, 2005
FMS Home Newsletters Subscribe Archives Feedback Current Issue YEC Home 04–05 YEC YEC Schedule YEC Reports Capital Asset Mgmt. Contracts & Grants Auxiliary Accounting Accounts Payable Accounts Receivable TP Documents Clearing Acct Closing	2004–2005 Year-End Closing
	Kuali Project The Kuali Project has announced an award of $2.5 million from the Andrew W. Mellon Foundation to advance its development of a new open source financial system for colleges and universities. The Kuali Financial System is based on the financial system design that has been used at Indiana University for more than 10 years. The base Kuali modules are expected to be released in early 2006. Other modules will follow as the 2.5 year project completes its work in summer 2007. "From the functional perspective, the Kuali Project will allow IU to enhance its existing financial information system, which was implemented in 1994 and yet continues to be recognized as a best practice model by peers across the nation. IU is pleased to collaborate from both a functional and technological perspective with other higher education institutions to develop a new generation of financial management systems in this cost efficient and effective manner," said Judith Palmer, IU vice president and chief financial officer. "The Kuali Project will be a wonderful initiative for IU and higher education," said Kathleen McNeely, interim assistant vice president for finance and executive director of Financial Management Services at IU. "We are excited about the migration and evolution of a great Financial Information System to a Web-based platform that will be sustained for many years. The Kuali Project will incorporate best practices in financial management and policies. The project will also provide training tools for departmental fiscal officers which will enhance internal controls at any institution that implements Kuali. We are pleased to be part of a project that will provide these financial management tools to higher education and are excited about the collaborative nature of the project with the core partners." The core investors with IU are Cornell University, Michigan State University, San Joaquin Delta College, University of Arizona, University of Hawaii, the National Association of College and University Business Officers (NACUBO), and the r-smart group, which supports open source software in education to develop the modular financial software. You can read more about the Kuali Project at http://www.kuali.org/ and http://www.homepages.indiana.edu/040805/text/kuali.shtml.
	YEC Newsletter Contents Year-End Closing Important facts about year-end closing. Year-End Closing Schedule Print off a copy of the year-end closing schedule and keep important dates close at hand. Year-End Production Reports Available reports during the year-end closing process. CAMS Closing Year-end closing notes for Capital Asset Management. Contract and Grant Closing Year-end closing information for Contract and Grant accounts. Auxiliary Accounting Year-end closing information for Auxiliary and Service accounts. Accounts Receivable Changes with Write-Off Receivables and other Accounts Receivable news. Accounts Payable Learn about a new change that may affect the date that your TOPS transactions are referenced in the General Ledger. FIS/TP Documents A number of documents are designed specifically for processing financial transactions after June 30. Clearing Accounts Emerging policy on the use of Clearing Accounts.	At a glance . . . With this issue of the FMS Newsletter, we hope to provide our readers with information that will be helpful throughout the year-end closing process. Checklist Specific items that you should be aware of are discussed in the Year-End Closing. Schedule Included in this newsletter is a Year-End Closing Schedule. You may want to print out a copy so you can access it more easily. Documentation You can access and download a number of current FIS Support Documents in both HTML and Microsoft Word versions. FIS Training For information on FIS training, or to view class schedules, go to the FMS Training page.
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	The FMS Newsletter Online serves the Indiana University community by keeping faculty, staff, and students informed about university financial policies, initiatives and changes in business practices, and updates and enhancements to the Financial Information System (the university-wide electronic financial transaction processing environment).
	Back to top. Last updated: 05/24/2005 Comments: FMS Help Desk Copyright 2005, The Trustees of Indiana University