Supplies and Expense
This portion of the book provides guidelines and helpful documents related to supplies and expense, as well as the importance of understanding how to account for these expenses properly within the framework of accrual basis accounting.
At IU, supplies and expense are defined as the costs related to supplying employees with the necessary items for their daily job functions. items necessary for an employee’s daily job function. These supplies can vary from janitorial items to desk supplies, light bulbs, uniforms, and other essentials. It is essential to accurately track and account for these items.
Additionally, the concept of cost of goods sold (COGS) plays a significant role in financial reports involving this expense category, particular in auxiliary units. COGS is a calculation based on the costs incurred to fulfill goods and services that IU has committed to providing. This calculation encompasses expenses such as materials, inventory costs, and direct labor, which are crucial for the operational efficiency of a unit.
Understanding and properly accounting for supplies and the corresponding expense is vital for financial transparency and effective resource management within IU’s operations.
POLICIES
Review the below policy related to supplies and expense:
STANDARDS
There are no standards related to this portion of the book at this time. Please check back in the future!
CHECKLISTS
There are no checklists related to this portion of the book at this time. Please check back in the future!
TRAINING MATERIALS
There are no training materials related to this portion of the book at this time. Please check back in the future!
OTHER RELATED MATERIALS
There are no other materials related to this portion of the book at this time. Please check back in the future!
IU Financial SYSTEM REPORTS AND PROCEDURES
Review the below IU financial system reports and procedures related to supplies and expense:
- Financial Statements Report Instructions
- Financial Statements Report Location
- Multi-Year Financial Statements Report Instructions
- Multi-Year Financial Statements Report Location
- BUY.IU Paid Transactions Report Instructions
- BUY.IU Paid Transactions Report Location
- BUY.IU PO Encumbrance Detail Report Instructions
- BUY.IU PO Encumbrance Detail Report Location