This page highlights important information about interim close procedures as well as the resources needed to complete those procedures.
Interim Close Procedures
| Procedure | Description |
|---|---|
| Review and ensure compliance with all IU Accounting Standards | Link to IU Accounting Standards which are required to be reviewed as part of closing procedures and fiscal officer responsibilities. |
| Review and complete the Interim Close Checklist | This is the checklist that is to be submitted by the CRU to assist in completing interim close procedures. Please see the 'Interim Close Resources' section below for required substantiation templates, variance analysis templates, and links to the Controller's Office Reporting Tools (CORT) and report instructions. |
| Submit the completed Interim Close Checklist and Templates | The checklist details which templates and reports are required to be reviewed and submitted by the due date below in the 'Important Dates' section. |
Interim Close Resources
| Resource | Description |
|---|---|
| Interim Close Checklist | Checklist to be submitted by the CRU to assist in completing interim close procedures |
| IU Accounting Standards | Link to IU Accounting Standards |
| Controller's Office Reporting Tools | Link to the CORT which contains the reports necessary to complete these interim close procedures |
| Controller's Office Reporting Tools Report Instructions | Link to the CORT instructions which contains the instructions on the reports necessary to complete these interim close procedures |
| Balance Sheet Substantiation Template | Link to the Balance Sheet Substantiation Template |
| Balance Sheet Variance Analysis Template | Link to the Balance Sheet Variance Analysis Template |
| Income Statement Variance Analysis Template | Link to the Income Statement Variance Analysis Template |
| Stale-Negative Balance Template | Link to the Stale-Negative Balance Template |
| Material Transactions Substantiation Template | Link to the Material Transactions Substantiation Template |
Additional Information
- Note that several KFS e-docs are due by a specific date. If you use Financial Processing (FP) e-docs in KFS, these documents must be in the system and fully approved by 10:00 p.m. for the entries to be processed by the accounting cycle and reflected in the closing reports. Because some KFS e-docs require additional administrative approvals, on the day of each closing, e-docs should be completed by noon to allow for all necessary routing and approvals.
- If you require access to KFS, please contact your RC Fiscal Officer.
- Please contact uars@iu.edu if you have any questions on the closing procedures and resources.
Transaction Processing Deadlines
Information regarding all pertinent interim closing dates can be found on the UCO Financial Closing Calendar. Below are the operational closing dates for interim closing.
Please note that your department or campus may have earlier deadlines. Check with your fiscal officer.
Important Dates
| Thursday, December 21 | Depreciation Run |
|---|---|
| Friday, December 29 | Last day for billing and encumbrance transactions |
| Wednesday, January 17 | All accrual vouchers must be entered and approved |
| Friday, January 26 | Due to Campus Controllers |
| Friday, February 9 | Due to UARS |