Presentation Transcript

1. Balance Sheet Backup

2. What is Balance Sheet Backup? Detailed documentation that supports or proves the balances on the Balance Sheet to be correct. The information used to determine the amounts for your entries; essentially – work papers.
3. How do you know if you have good backup documentation? Ask yourself: Can a third party look at the documentation and determine within 30 seconds that it supports the balances on the balance sheet? If Yes – good backup If No – might need to have in another format, simplify, or summarize data.
4. Which object codes require backup documentation? Backup documentation is required for all object codes not listed on the System-Generated Object Code list. This list can be found on Auxiliary Accounting’s website in ASOP 44.
5. Cash Revolving Fund
6. Cash In Transit Unapproved CRs for Daily Sales:
7. Accounts Receivable (excluding 8116 & 8118)
8. Allowance for Uncollectable
9. Inventory
10. Inventory Allowance
11. Prepaid Expense
12. Accrued Interest Note: If you have more than one bond for which the project is complete, do the same calculation for each bond and add the total together. Do not include bond interest on uncompleted projects; not accrued in 9004.
13. Accounts Payable (excluding 9041)
14. Accounts Payable (excluding 9041) Outstanding invoices as of 6/30/12 for #60XXX01:
15. Accounts Payable (excluding 9041) Outstanding invoices as of 6/30/12 for #60XXX02:
16. Accounts Payable (excluding 9041) Outstanding invoices as of 6/30/12 for #60XXX03:
17. Deferred Revenue
18. Deposit Liability
19. Due to Other Funds
20. Balance Sheet Backup Checklist Obtain 6/30/12 Balance Sheet from PDQ submitted for variance analysis Prepare backup documentation for all object codes not on the System-Generated Object Code list. Verify the documentation matches the balance on the balance sheet. Submit electronic backup to fmsaux@indiana.edu.