Prerequisites
Prior to reading the instructions on the UCO Closing Report Compilation, it is beneficial to review the following items within the IU Accounting Standards Book to gain foundational information along with reporting requirements and best practices:
Overview
Financial closing procedures are required on a quarterly basis, as specified by the IU Accounting Closing Standards. The Office of the University Controller (UCO) has created a series of reports to assist fiscal officers review of closing materials and ensure compliance with IU Accounting Closing standards. The main purpose of the UCO Closing Compilation report is to act as a one-stop-shop to compile all the reports necessary for the UCO Closing review and to streamline the closing process. For additional information on the IU Accounting Closing Process, please refer to Accounting Close Standards
Understanding the UCO Closing Reports Compilation
The following section provides an overview of the different tabs that are generated in the UCO Closing Reports Compilation. The information below is organized in the order of the tabs displayed within the compilation and a brief description. Each of the tabs are required when submitting the compilation for UCO closing review.
- Parameters - Summarizes the parameters selected on the report parameter page within the Controller’s Office Reporting Tools app including run date, fiscal year, chart code and account information.
- UCO Closing Checklist – The UCO Closing Checklist tab is not populated by the UCO Compilation report. The Fiscal Officer will need to retrieve a copy here and paste it into the compilation report tab.
- This checklist is used during the closing process to ensure that all reports and templates have been completed and submitted in accordance with university policies and procedures. Please see the Accounting Close at IU Checklists webpage for more information.
- Non-Student AR Checklist – The Non-Student AR checklist tab is not populated by the UCO compilation report. The fiscal officer will need to retrieve a copy here and paste it into the compilation report tab.
- This checklist is used during the closing process to ensure the accuracy and completeness of accounts receivable balances in the KFS AR module and general ledger. This checklist provides a step-by-step guide for ensuring that customer balances are properly recorded and accounted for, and that any discrepancies or issues are identified and resolved in a timely and effective manner. Please see the Accounting Close at IU Checklists webpage for more information.
- Balance Sheet Variance Analysis – This report displays the balance sheet accounts by object level and highlights the Change YTD-PY amounts equal to or greater than the UCO designated threshold. Highlighted non-system generated variances will require appropriate validation. A Variance to Prior Year Explanation column has been provided for you to complete (required for UCO Closing). Please see the UCO-CLS-3.00 Variance Analysis Standard for more information.
- Income Statement Variance Analysis – This report displays the income statement accounts by object level and highlights the Variance to Prior Year and Variance of Current/Monthly Budget to Actuals amounts equal to or greater than the UCO designated threshold. Two columns have been provided for you to explain highlighted variances: Variance to Budget (best practice) and Variance to Prior Year (required for UCO Closing). Please see the UCO-CLS-3.00 Variance Analysis Standard for more information.
- Balance Sheet Substantiation – This report displays balance sheet accounts by object code and highlights the current amounts equal to or above the UCO designated threshold. Highlighted non-system generated balances will require appropriate validation. A Variance to Prior Year Explanation column has been provided for you to complete (required for UCO Closing). Please see the UCO-CLS-2.00 Balance Sheet Substantiation Standard for more information.
- Negative Balance Report – This report highlights all balance sheet object code amounts with a balance that is not normal to their natural balance. This means any asset object code balance that is a credit (negative) or a liability object code that is a debit (positive), will be reported. Columns have been provided for your explanation and document reference number (required for UCO Closing). Please refer to the Account Negative Balance Report instructions for more information.
- Multi-Year Stale Balance Report – This report is used to highlight balance sheet object codes that have remained the same over the years (Refer to UCO-CLS-5.00: Account Stale and Negative Balances). These balances are either stale and need to be adjusted or are a result of a recurring transaction whereby no further adjustments are necessary. Columns have been provided for your explanation and for a document reference number (required for UCO Closing). Please refer to the Multi-Year Stale Balance Report instructions for more information.
- Material Transactions – This report is used to pull detailed, non-system generated transactions with absolute values of $5 million or greater. Additionally, the report provides process narrative information related to the transaction and an explanation column for you to complete (required for UCO Closing). Please refer to the Material Transactions Report instructions for more information.
- Cash Flow Report – This report displays the cash flow information for the compiled report separated out by the type of activity: Operating activities, Investing activities, and Financing activities.
- Accounts – Displays the account information used in the compilation report. This includes the account number, account name, subaccount information, and fiscal officer information for the account.
The UCO Closing Reports Compilation can be located at the top of this page - refer to the top right blue button labeled "Go to Report" which will automatically redirect users to the reports within the Controller's Office Reporting Tools or you can access the report here
In addition, the reports can be found in One.IU. To find the reports, search for “Controller’s Office Reporting Tools” in the search bar, and select Controller’s Office Reporting Tools (Report Center) under Tasks. Mark this task as a favorite by clicking the heart icon next to the start button and then select Start or click on the title.
Once in the Controller’s Office Reporting Tools, users will see all available reporting tiles. Navigate to the UCO Closing Report Compilation by typing “UCO Closing Report Compilation” in the search bar or scroll through the reports until you see the UCO Closing Report Compilation tile.
Running the Report
Define the chart of account parameters to return results relevant to your organization, responsibility center, or to an account. The compilation report has been set up with the specific default parameters and thresholds as defined by the UCO closing criteria. If you would like to view financial information using different default values or thresholds, you will need to run these reports individually.
If there are questions related to running the report, requirements, or reviewing results, please contact your (RC) fiscal officer or campus office.
General Notes: Do not include any special characters other than approved wildcards in any of the below parameters. Additionally, do not run reports by campus as it will take up valuable computing services.
| Parameter | Description |
|---|---|
| University Fiscal Year | Used to limit report to a specific fiscal year. |
| University Fiscal Period Code | Used to limit report to a specific fiscal period(s). Note: When selecting a fiscal period, the report will run through the current period. |
| Chart Code | Used to limit report to one or more specific chart of accounts. For assistance determining your chart code, refer to KFS Chart Lookup. |
| Responsibility Center Code | Used to limit to a specific RC. Users are encouraged to use this parameter in conjunction with a chart of accounts code. For assistance determining your RC code, refer to KFS RC Lookup. |
| Organization Code | Used to limit report to a specific organization code. Users are encouraged to use this parameter in conjunction with a chart code. |
| Account Number | Used to limit report to one or more specific account(s). |
| Sub-Account Number | Used to limit report to one or more specific sub-account(s). |
| Fund Group Code | Used to limit report to specific fund group(s). |
| Sub-Fund Group | Used to limit report to specific sub-fund group(s). |
Display parameters determine how your report results are displayed. Available display parameters related to the UCO Closing Report Compiliation include the following options:
| Parameter | Description |
|---|---|
| Select the Output Destination | The user has the option to choose where they want their report to go once it is ready. The user can either "Wait" for it to pop up on the screen or have it sent to their "Email". |
| Data Environment | The user has the option to choose where they want their data to be pulled from either the Test or Production environment. |
Click Save Parameter Settings to save your parameters for future use of this report. For instructions on how to save settings, review the Save Parameter Settings document on the Controller's Office Reporting Tools page.