BUY.IU Year-end AP Accrual Detail Report

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Prerequisites

Prior to reading the instructions on the BUY.IU Year-End AP Accrual Detail report, it is beneficial to review the following sections of the IU Accounting Standards Book to gain foundational information along with report requirements and best practices:

  1. Accounting Fundamentals Section
  2. Chart of Accounts and General Ledger Section
  3. Financial Statements Section
  4. Movement of Funds Section
  5. Closing Procedures Section
  6. BUY.IU Financial Reports Instructions

Overview

The BUY.IU Year-End AP Accrual report was created to identify the accounts payable (AP) invoices that were included in the automatic AP accrual process. It is also designed to assist fiscal officers in determining if all material expenses have been properly recorded in the correct period. Ensuring the correct recording of liability balances helps in presenting materially correct financial statements which are used both internally and externally.

There are two tabs within the BUY.IU Year-End AP Accrual Detail report:

  • Accrual Details: Presents the BUY.IU payable transactions including the BUY.IU invoice and/or purchase order (PO) number. It highlights the Chart of Accounts accounting information, in addition to, detailing transaction entry documentation, date and FDOC Ref Type code.
  • Report Parms: Summarizes the parameters selected on the report parameter page within the Controller’s Office Reporting Tools app, including chart code and account information.

Understanding the BUY.IU Year-End AP Accrual Detail Report

The AP Year-End Accrual Detail report itemizes invoices that have been accrued and assists users in identifying any material accounts payable liability that was not automatically recorded in the GL during first or second closing.

In order to understand how the report determines which invoices were accrued, users must have a general understanding of the AP Accrual process. During the AP Accrual batch job, BUY.IU identifies the invoice transactions posted to the General Ledger (GL) in July that have an invoice date of June 30 or prior. Those entries, which include actual expense and liabilities, will be posted back to June (period 12). This process is repeated a second time prior to second close to capture additional BUY.IU invoices where the invoice was dated June 30 or prior. These transactions will also be posted back to June (period 13).

In both cases, the reversal of the July entry and the posting of the June entry will occur on the BUY.IU Accrual Entry document type (doc type code = BYAC). The AP Year-End Accrual Detail Report looks for transactions in June with a doc type code equal to BYAC and lists them on the report.



Running the Report

Define the search parameters to return results relevant to your organization or to a specific account. The search parameters available in the BUY.IU Year-End AP Accrual Detail report are divided into three parameter types: chart of account report parameters, report specific parameters and display parameters.

If there are questions related to running the report, requirements or reviewing results, please contact your (RC) fiscal officer or campus office. Each campus may have individual specific requirements related to BUY.IU Year-End AP Accrual Detail report, be sure to reach out to the related campus office or fiscal officer prior to quarter closings.

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.

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.