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Auxiliary Accounting Updates

Auxiliary Accounting Updates. Rhonda Inman Manager, Auxiliary Accounting Office of the Treasurer. Fiscal Year-End Schedule. Auxiliary vouchers must be approved by July 19 th Balance sheet backup

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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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