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Auxiliary Accounting Updates

Stay on top of your auxiliary accounting responsibilities with our fiscal year-end update. Important deadlines include approving auxiliary vouchers by July 19th and submitting balance sheet backup along with variance analyses by August 9th. Ensure your entries are accurate by utilizing the appropriate codes for current and prior periods. Visit our website for downloadable resources, including the calendar and guidelines on accrued payroll liabilities. We're also working on assigning capital assets accurately across auxiliary accounts to improve financial consolidation.

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Auxiliary Accounting Updates

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  1. Auxiliary Accounting Updates Rhonda Inman Manager, Auxiliary Accounting Office of the Treasurer

  2. Fiscal Year-End Schedule • Auxiliary vouchers must be approved by July 19th • Balance sheet backup • Reporting and non-reporting variance analysis and balance sheet backup are all due on Friday, August 9th

  3. Auxiliary Voucher Recode in KFS • Still unresolved • Continue to use alternate entries • Entry to current period: DI • Entry to prior period: DI and Accrual Voucher posting to prior period

  4. Website enhancements • http://treasurer.indiana.edu/ • Includes: • Downloadable Outlook calendar http://treasurer.indiana.edu/auxacc/auxacc_trainingdoc.html • Accrued Payroll Liability Variance http://treasurer.indiana.edu/auxacc/auxacc_accrued_payroll_liability_variance.html • FMS-Unclaimed Property Guideline http://www.fms.indiana.edu/cashcontrol/home.asp

  5. Upcoming project • Assigning capital assets to auxiliary specific 95* accounts • General auxiliary organization/account structure • Operating 60* and/or 66* accounts • R&R 92* account • Plant 95* account • Helps to ensure assets, accumulated depreciation, and depreciation expense are correctly consolidated in the organization’s financial results

  6. Account reconciliation update: • Dave Gooptu, Chief Accountant and Managing Director, FMS • Currently working with VCs of regional campusesand will then move to BL and IUPUI • Focusing on high risk accounts first, which includes auxiliary accounts • Attestation that reconciliation has occurred, not how to reconcile

  7. Proposed ASOPs • IUF gift recognition (vs. sales and services provided to IUF) • Budgeting for depreciation • Transfer of Funds

  8. Reminder: • Variance analysis-All highlighted variances need to be explained • Vac/Sck • A/P • A/R • Payroll accruals

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