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Auxiliary Accounting

YEC Newsletter Content

YEC 2009: Home page for year-end closing newsletter.

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: Year-end closing information for Accounts Payable.

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.

IU Foundation Accounts: Fiscal year-end deadline information.

Auxiliary Vouchers

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 30, 2009. Contact Auxiliary Accounting and or your Campus Administrative Representative with questions about recording accrual entries.

Balance Sheet Back-up

As part of the fiscal year-end process, Auxiliary Accounting requires that all non-system generated Balance Sheet amounts be supported by detailed documentation at the object code level. The documentation supporting these object code balances should be forwarded to your auxiliary accounting consultant no later than August 7, 2009. The balance sheet object code listing and all supporting documentation should equal balances on the Balance Sheet; if not, any discrepancies must be explained. If your organization carries an inventory, be sure to advise your consultant as to when the last physical count was taken. See the related FMS Auxiliary Accounting ASOP 44.0 for in-depth guidelines.

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

Tuesday, June 30 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. For exceptions see "Disapproval of Outstanding Documents" on the FIS/TP Documents page.
Tuesday, July 7 First Closing. Must enter period 12 and year 2009 on Auxiliary Vouchers to post to fiscal year 2009.
Wednesday, July 8 Standard Reports available in IUIE.
Thursday, July 9 Depreciation for June runs.
Monday, July 20 ALL Auxiliary Voucher entries must be approved from reporting Auxiliary and Service Accounts. Different campuses may have earlier deadlines.“Non-reporting” organizations should complete their year-end accruals, if needed, by this date.
(Note: This means all other approvals must be acquired prior to 5:00 p.m. on this date.)
Tuesday-Thursday, July 21-23 Campus Closing Meetings.
Friday, July 24 Final closing at 5pm
*Note: Since the campus and University Administration can continue to make entries until final close, we encourage you not to run your financial statement reports and complete your variance analysis until Monday, July 27th.
Friday, August 7 ALL Auxiliary Balance Sheet support must be provided by object code to Auxiliary Accounting.

Variance Analysis

At year-end, a variance analysis is completed for all auxiliary and service units. Reporting organizations are required to submit their analysis to their appropriate auxiliary consultant by August 7, 2009.

Listed below are the key Variance Analysis due dates for “Reporting” Organizations:

Friday, August 7 Variance Analysis reports must be provided to Auxiliary Accounting.
Friday, August 14 Follow-up questions distributed to units.
Friday, August 21 Deadline for the responses to the follow-up questions from the unitss must be provided to Auxiliary Accounting.

Auxiliary Accounting will contact non-reporting organizations as per the schedule below seeking variance explanations after reviewing their year-end financial results. See the related FMS Auxiliary Accounting ASOP 7.0 for in-depth guidelines.

Listed below are the key Variance Analysis due dates for “Non-Reporting” Organizations:

TBD Balance Sheet Backup Deadline.
Friday, September 11 Variance Analysis questions distributed to units.
Friday, September 18 Responses to the variance analysis follow-up questions must be provided to Auxiliary Accounting.

If you have any questions, please email us at fmsaux@indiana.edu.
Block IU Last Updated 5/28/2009
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