In This Issue
Fiscal Year 2015 Year-End Overview
Below are highlights of the upcoming fiscal year-end closing process. Please reference complete year-end details on the FMS website.
Between Wednesday, July 1, and Monday, July 6, all invoices dated prior to July 1 that are entered and approved by Accounts Payable will have their associated General Ledger entries posted into period 12. Beginning Tuesday, July 7, the General Ledger entries for all invoices will be posted to the new fiscal year the day the invoice is entered into KFS.
Travel Management Services (TMS)
As June 30 approaches, Travel Management Services (TMS) wishes to remind all travelers, arrangers and fiscal officers of the following key dates:
Bill Overman in FMS (email@example.com or (812) 855-2557) will be closing out the clearing accounts for all campuses.
Questions or concerns about the closing process may be addressed to Joan Hagen, University Controller. She can be reached by telephone at (812) 856-2548 or via e-mail at firstname.lastname@example.org.
Year-End Capital Asset Reminders
All Asset Retirement, Asset Transfer, and Equipment Loan/Return documents must be approved on or before June 30, 2015. Any Retirement or Transfer document not approved by June 30 will be routed to Capital Asset Management to be held “for approval” until after final close.
To view the pending documents for your organization, run the Unapproved Documents in Inbox by Chart and Org report. The report can be found in IUIE in Kuali Financial/Capital Asset Management System/Inventory Control Reports/.
Capital Asset Document Type codes are:
If you have any questions or concerns, please contact Capital Asset Management at email@example.com.
Sending of Critical Information
University Tax requires Indiana University (IU) departments to submit a wide range of information to our office for review. Items such as Purchase Order and Disbursement Voucher approvals often require additional documentation. Additionally, other tax related issues associated with non-employee visitors and employees require sensitive documents to be sent to University Tax.
Indiana University has policies (Policy DM-01) to ensure that all sensitive data is transmitted securely to comply with the Health Information Portability and Accessibility Act (HIPAA) and Family Educational Rights and Privacy Act (FERPA) laws.
How should critical information be submitted?
What Information is Critical?Personal and Financial Information
Your role within the university is crucial in making sure that personal information is protected. If you are unsure whether or not the information is critical, restricted, or public, please read the following articles below or contact your Data Steward in charge of the data involved. The list of Data Stewards can be found at http://datamgmt.iu.edu/.
Additional information on Indiana University policies, electronic mail usage and critical data can be found below:
Red Flags Website has Moved
The university’s Red Flags (or Identity Theft Prevention Program) website has moved to the FMS homepage. All the pertinent information has been updated in an easy to use format. You will find all the necessary training materials, forms and a complete copy of the Board of Trustees approved plan. Please visit the FMS Red Flags webpage or click on the Red Flags link located on the FMS homepage.
Collection Agency Information
Do you have some accounts receivable that you just can’t collect? A new collections section has been added to the FMS homepage. The page lists the agencies that are approved by Purchasing with contact information. Please visit the FMS Collections webpage or click on the Collections link located on the FMS homepage. If you need assistance or have any questions, please feel free to contact any of the Collection Agency Oversight Committee members.
Annual Accounts Receivable Write-off Reminder
According to IU policy I-500, Accounts Receivable balances over 12 months old and lacking current productive activity are to be written off even if the invoices are placed with a collection agency. Policy I-500 applies to all invoices.
Also, please remember that writing off an invoice does not prevent you from collecting the money at a later date. For more information about invoice write-offs, please visit the FMS Write-off web page or click on the AR Write-Offs link located on the FMS homepage. You are also welcome to email your questions to firstname.lastname@example.org.
Accounts Payable has been working to automate the submission of invoices by some of IU’s vendors. This automation, known as e-invoicing, eliminates many steps in the invoice processing procedure done by Accounts Payable. This necessarily decreases the amount of times a document is touched in Accounts Payable, and accelerates the rate at which the invoice generates a Payment Request (PREQ) document that routes to the department for review. It also has the advantage of decreasing the number of errors that can occur with submission of standard invoices. Faster PREQ routing and fewer errors can decrease labor both in Accounts Payable and in the invoiced organizations.
Accounts Payable has added 7 new vendors this year to the list of vendors who can leverage this automated process. This brings the total to 15 high-volume vendors submitting e-invoices accounting for approximately 102,000 of the invoices IU pays every year. Accounts Payable is committed to bringing more and more of IU’s vendors online to e-invoicing to increase efficiency and customer service to both organizations within IU and the vendors that serve those organizations.