1999 Biennium Close
1999 Biennium Close Procedures
-
Included on this page:
-
Cost Transfer Invoices (CTIs) and Internal Sales
Documents (ISDs)
-
Inventories
-
Deferred Revenue
-
Prepaid Expenses
-
Manual CTIs and ISDs relating to goods and services
provided on or before
June 30 must be in Accounting Operations by 5:00 PM, July 14.
-
Automated CTIs and ISDs relating to goods and services
provided on or
before June 30 are to be processed as prior year transactions no later
than 5:00 PM, July 16. To ensure transactions are charged to the prior
year, refer to the following instructions:
-
FASTRANS users – Segregate prior year activity into a separate file(s)
referencing Accounting Month 24.
-
Other automated interface users--Reference the prior year flag--Number "2".
For questions on this procedure, contact Jon Vanvick.
-
Inventories include items owned by the University and physically present
on June 30, 1999 that are held for resale to qualified buyers, or for
distribution to other University departments. Report inventory information
to Financial Accounting no later than July 12, 1999.
For further information, please contact Nancy Treibel
-
Does your department or college offer Continuing Education or other public
events (business seminars, football games)? If these events take place
July 1, 1999 or later and your customers have pre-paid for the courses or
events prior to July 1, 1999, please report the related revenue to
Financial Accounting no later than July 16.
For further information, please contact Nancy Treibel
-
Prepaid expenses are amounts paid in the current biennium for services to
be provided in the period after June 30, 1999. Prepaid rental agreements
and prepaid insurance premiums are examples of prepaid expenses.
Please contact Nancy Treibel in Financial
Accounting by June 10 for procedures to be used in reporting and/or
recording these prepaid expenses.
-
1999 Biennium Close
