Accrual Accounting - Accrual accounting attempts to match the revenues an entity has earned in a period with the expenses that were incurred to generate the revenue. An accrual refers to an entry made in the books of accounts related to the recording of revenue or expense paid without any exchange of cash. This section discusses a general understanding of accruals, how they impact the income statement and balance sheet, and how they are recorded within Indiana University.
Balance Sheet Substantiation - This section discusses the elements of the balance sheet substantiation document and how it is used internally within Indiana University. Information presented in this section walks through what balance sheet substantiation is, how to complete the balance sheet substantiation procedure, and requirements and best practices related to this process.
Variance Analysis - This section discusses what a variance analysis is and how it is used internally within Indiana University. This section helps users and entities throughout the university analyze variances correctly to ensure that management knows the root causes of the variances present within the financial statements.
Account Reconciliation - The reconciling of accounts is a fundamental accounting process that ensures the integrity of the university's financial transactions. This section discusses the reconciliation process, how to complete this closing procedure and requirements and best practices related to this process.
Material Transactions Substantiation - This section discusses the elements of the material transactions substantiation process and how it is conducted internally within Indiana University. Information presented in this section will outline requirements for transaction support, documentation required to substantiate a transaction, and best practices related to this process.
Financial Sub-Certification - The completion of the sub-certification process provides reasonable assurance a sufficient and effective internal control structure exists and can identify weaknesses in financial processes and systems. The sub-certification process also supports the EVPFA’s basis for the annual financial attestation by providing reasonable assurance of the underlying financial activity reported in the university’s financial statements.