Accounting for Revenue and Receipts
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Revenue This section is designed to give users an understanding of how revenue is recorded within Indiana University, what to do to collect overdue balances and how to write-off bad debts. It focuses on the main revenue line items on the income statement:
- Tuition Revenue
- Contracts & Grants
- State Appropriations
- Other Revenue
- Revenue Producing Activities
Receipts Receipts flow to Indiana University through multiples sources, both internal and external, and can come in multiple forms such cash, check, wires and credit cards. Since IU follows the accrual method of accounting, just because there is a receipt, does not mean it is automatically recorded as revenue. This section will discuss the following topics:
- The different forms of receipts.
- The internal controls surrounding receipts to ensure proper recognition and accounting. This will include information on when entries are recorded and who has the ability to record, along with the review and approval process.
- The entries associated with entering receipts.
- Any other important information that users will need to know prior to receiving money.