IU Financial System Reports and Procedures

Office of the University Controller

IU Financial System Reports and Procedures

Click to review the below IU financial system reports and procedures related to account reconciliation:

BUY.IU Year-end AP Accrual Detail Report and Instructions

The BUY.IU year-end AP accrual report was created to identify the accounts payable (AP) invoices that were included in the automatic AP accrual process. It is also designed to assist fiscal officers in determining if all material expenses have been properly recorded in the correct period. Ensuring the correct recording of liability balances helps in presenting materially correct financial statements which are used both internally and externally. Review the BUY.IU year-end AP accrual report instructions prior to running the report. Both the instructions and the report can be found by clicking the below links:

Accounts Receivable Aging and Detail Report and Instructions

The accounts receivable (AR) aging and detail report was created as a tool for IU departmental users to track and manage their outstanding accounts receivable balances. The balances reflected on these reports are limited to those transactions that were initiated within the KFS AR module and are recorded in object code 8118 in the general ledger. The primary purpose of the AR aging report is to help units identify which customers have unpaid balances, how much they owe, and how long the balances have been outstanding. Review the accounts receivable (AR) aging and detail report instructions prior to running the report. Both the instructions and the report can be found by clicking the below links:

Financial Statements Report and Instructions

The financial statements report is designed to help users obtain quick and easy access to all financial statements. Financial statements are formal records of financial activities and the overall financial position of an entity. There are three major financial statements utilized at Indiana University: the income statement, balance sheet, and cash flow statement. The financial statements report pulls all three of these reports simultaneously. Review the financial statements report instructions prior to running the report. Both the instructions and the report can be found by clicking the below links:

Multi-Year Financial Statements Report and Instructions

The multi-year financial statements report was introduced to help users obtain quick and easy access to historical financial statement information. This report provides users with the ability to summarize and compare income statement and balance sheet balances over multiple years. This will enable users to easily analyze trends and make informed decisions. Review the multi-year financial statements report instructions prior to running the report. Both the instructions and the report can be found by clicking the below links:

Multi-Year Stale Balance Report and Instructions

The multi-year stale balance report was introduced to help locate and investigate potential stale asset and liability balances within the financial statements. Stale balance analysis is an important process because it helps fiscal officers and users of the financial statement pinpoint and isolate issues on the balance sheet which have a direct impact on the income statement and cause a misrepresentation of the overall financial position of the entity. As a general overview, stale balances are assets or liabilities whose balances have not changed for an extended period of time. The multi-year stale balance report looks at all assets and liabilities. Stale balances must be researched, investigated, explained, and adjusted to ensure the balance sheet accurately reflects assets and liabilities. Review the multi-year stale balance report instructions prior to running the report. Both the instructions and the report can be found by clicking the below links:

Account Negative Balance Report and Instructions

The account negative balance report was introduced to help locate and investigate negative asset, liability, revenue, and expense balances within financial statements. Negative balance analysis is an important process because it helps fiscal officers and users of the financial statement pinpoint and isolate issues on the balance sheet and income statement. Without reviewing for negative balances, both the income statement and the balance sheet may include balances that misrepresent the overall financial position of the entity. Reviewing for negative balances also assists entities to identify potential issues such as negative cash flows, non-collection on receivables, etc. Negative balances need to be investigated and adjusted to ensure assets and liabilities are properly and accurately reported on the balance sheet according to Generally Accepted Accounting Principles (GAAP). Review the account negative balance report instructions prior to running the report. Both the instructions and the report can be found by clicking the below links:

Unapproved Document Search in KFS Instructions

The normal processing of financial documents within Kuali Financial System (KFS) consists of three stages: initiation, routing/approval, and final approval. A document’s corresponding ledger entries are not reflected on the general ledger or standard reports until the document reaches the final approval stage. Click the above link to access instructions on how to properly identify unapproved (enroute) financial documents in KFS.