Accounting

These pages contain guidelines for reconciling asset and liability object codes and monitoring revenue and expense activity. 

Why reconcile asset and liability object codes and monitor operating balances (revenue and expense) object codes?

Restriction Classifications

Restriction classification is an accounting attribute. Only funds given by an outside entity (i.e., gifts or income from endowments) may be recorded in a restricted account. All other types of income are classified as unrestricted on the university's financial statements.

The attribute in the Kuali Financial System (KFS) that represents the restriction classification is the Account Restricted Status Code.

Recording Gift Revenue

Gifts are recorded by the following:

• Alumni Affairs and Development (Advancement Services)
• Office of Trust and Estates
• Certain units (e.g., Laboratory of Ornithology)

Gifts-in-kind are evaluated on an individual basis and must be coordinated with Advancement Services.

Moving gifts in the general ledger normally is done by Advancement Services. This is important for fundraising purposes to make sure the individual gift record is reflected properly in the university contributor relations system.

The term “external organization” (EO) refers to any organization that acts on its own behalf. It is not legally part of the university and generally has its own taxpayer identification number (tax ID). Examples include alumni associations and student organizations.

Bank Accounting handles banking transactions such as checking, deposits, lockbox and master accounts. It also monitors direct deposits, electronic deposits (EFT), match pays, sweeps, stops, voids, and abandoned property (checks). This area is also the liaison between campus units and the Cash Management office for reconciling banking accounts.