Receiving a payment to Cornell for goods or services may require registering Cornell in another entity’s payment system. Ensuring that payments are properly directed and that your unit or the university is not exposed to adverse legal, tax, or financial consequences is extremely important.
Before Registering Cornell in an External Entity’s Payment System
Determine which department is responsible for processing the registration.
This DFS Essentials tutorial provides the basics of FIN 104: Financial Stewardship and Ethical Conduct and is not intended to replace formal training. For formal training, see FIN 104.
This DFS Essentials tutorial provides the basics of Accounting 101 and is not intended to replace formal training. For formal training, see Accounting 101.
DFA is pleased to announce that the monthly long-term investment pool (LTIP) data from FY 2012 through FY 2018 through December 2017 has been loaded to the Organization Financial Activity dashboard in OBIEE.
Accruals are adjustments for revenue that has been earned but is not yet posted to the general ledger accounts, and expenses that have been incurred but are not yet posted to the general ledger accounts. Year-end accruals are adjusting entries to make sure revenue and expenses are recorded in the correct fiscal year.
If a bank deposit is made before July 1, but the advance deposit (AD) was not completed prior to July 1:
The department should not process an AD for a prior fiscal year if the AD was not processed prior to July 1. Accounting needs to process the entry.
Accounting will (1) contact the department to obtain complete account information (account and object code), and (2) prepare a Year End Distribution of Income and Expense (YEDI) e-doc to record the debit to cash and the credit to your departmental accounts.
