Introduction
Review this book for information about closing at Indiana University. Closing refers to the process of finalizing an entity’s financial information and creating reports after a specified accounting period has ended. Closing procedures are performed on an interim and year-end basis to keep accounting data organized and ensure all transactions for the period are properly accounted for and recorded on a timely and accurate basis. The Office of the University Controller requires Constituent Reporting Units (CRUs) to perform closing procedures for both interim and year-end closing.
Review all accounting standards, the closing checklist, and the list of year-end closing reminders at year-end prior to starting the closing process to ensure all deadlines are met and all relevant procedures are completed.
What you will find here
Accounting Close at IU: This portion of the book will provide an understanding of the interim and year-end closing process at Indiana University. In particular, this section of the book is focused on general accounting close resources. This portion of the book will also provide information, deadlines, and best practices for interim and year-end financial activities that are separate from the closing standards.
Accrual Accounting: This portion of the book is centered around providing helpful information and resources related to the impact of accrual accounting on closing processes at Indiana University. IU utilizes accrual accounting, where revenues are recognized when realized and earned, not based on when cash is received. Review this portion of the book to ensure closing processes comply with the accrual accounting method.
Substantiation: This chapter of the book will explain the elements of the balance sheet substantiation and material transactions substantiation process and how it is used internally within Indiana University. Review this portion of the book to discover how to complete this closing procedure, find resources, requirements, and best practices related to this process.
Variance Analysis: This segment within the book will provide information to aid the reader in understanding variance analysis and how to perform a variance analysis when closing at Indiana University.
Account Reconciliation: This part of the book will provide an overview of how to properly perform an account reconciliation at Indiana University. Reconciliations are a review of operating reports to ensure that the balances posted to an account are those that were approved by the fiscal officer, or their delegate, and that they are allowable and appropriate.
Financial Sub-Certification: This section of the book is centered around financial sub-certification requirements at Indiana University. Financial sub-certification is required as it is a means to focus on accountability and compliance with internal control responsibilities across the institution. Review this portion of the book for further details surrounding this process and for a copy of the financial sub-certification form.
Glossary: The glossary is a repository of both general and Indiana University specific accounting terminology.