SUBJECT:

Auxiliary Voucher Timeliness

SOURCE:

Auxiliary Accounting, Financial Management Services

DATE ISSUED:

July 2004

DATE OF LAST REVISION:

January 2016

ASOP NO:

14.0

RATIONALE:

To explain the submission requirements for Auxiliary Vouchers.

ASOP:

Auxiliary Vouchers allow financial entries to be entered into past, present, and future fiscal periods. The standard cutoff date is the 10th day of the month following the end of the fiscal period. Therefore, all entries to be posted to the general ledger for the prior fiscal period must be approved no later than the 10th day following the end of that fiscal period. In certain months, the cutoff date may be moved to accommodate year-end, weekends and holidays.  Please refer to the Auxiliary Calendar for actual cutoff dates.

Closing the general ledger on the evening of the cutoff date allows the university to prepare financial statements in a timely manner. For these statements to be accurate, all material accrual and adjusting Auxiliary Voucher entries must receive final approval by the cutoff date each month in order to be included in the general ledger.

• It is the responsibility of the document creator to ensure that documents have been approved by 5pm on the cutoff date each month. Please check the route log and/or use a document search to ensure all necessary approvals have been made. Auxiliary Vouchers that have not been approved by 5pm on the cutoff date will not make it into the General Ledger for the prior period.

•  If it is known ahead of time that an approver in the routing hierarchy will be absent, steps should be taken by that person to establish a delegate to approve documents during the time period that they will be out. If an approver is absent and it was not possible to establish a delegate ahead of time, the appropriate auxiliary consultant should be contacted for instruction on how to handle the situation.

DEFINITIONS:

Auxiliary Voucher - A KFS document used to post accrual, adjustment, and recode entries.

Closing - Closing a fiscal period in the general ledger prevents additional transactions from being saved to that fiscal period in the general ledger.

Cutoff Date – the date the general ledger closes for the prior month.  The standard cutoff date is the 10^th of the following month.  In certain months, the cutoff date may be moved to accommodate year-end, weekends and holidays.  Please refer to the Auxiliary Calendar for actual cutoff dates for each month. 

General Ledger - The official repository for University financial transactions. The general ledger is updated nightly.

CROSS

REFERENCE:

FIN-ACC-I-350 - Accrual Accounting

Auxiliary Voucher Documentation

RESPONSIBLE ORGANIZATION:

Reporting Auxiliary and Recharge/Service Centers