2005–2006
Year-End Closing
June, 2006
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Clearing Acct Closing
Accounts Receivable
The FIS accounts receivable system does not allow invoices or credit memos to be posted to a previous fiscal year. All invoices and credit memos that should be posted to fiscal year 2006 must be created and approved prior to July 1. If you do not create the invoices and credit memos in June, you will need to accrue the receivables. For assistance, please contact Kathy Cochard in FMS Auxiliary Accounting at (812) 855-8033 or kjcochar@indiana.edu.
Write-Off of Receivables
Data for the write-off of accounts receivable will be collected and summarized for the Board of Trustees in the first quarter of the next fiscal year. A detailed listing of all write-offs for fiscal year 2006 must be reported to FMS Accounts Receivable by August 31, 2006. If you are unclear as how to write-off a receivable, please contact Kathy Cochard in FMS Auxiliary Accounting at (812) 855-8033 or kjcochar@indiana.edu.
For detailed instructions on the write-off procedures, please refer to http://www.fms.indiana.edu/fis/html_docs/Acct_Recvble/AR_Coll_Write-off.asp
Link to Indiana University write-off policy: http://www.indiana.edu/~vpcfo/policies/accounting/i-500.html