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Accounting

Help for BSCs

On this page:

  • Checking the Status of Payments
  • Determining if a Payee Has Enrolled in Direct Deposit (ACH)
    • Bug in Payee ACH Account Lookup
  • Returning Checks to Accounts Payable
  • Read more about Help for BSCs

Help for Payees

On this page:

  • Updating Your Address
  • Identifying Checks Received
  • Identifying Electronic Payments Received
  • Getting Help with 1099-MISC Forms

Updating Your Address

  • Read more about Help for Payees

Foreign Currency Payments

Making International Payments

International payments can be made by wire transfer and/or forward contract. Payments must be processed using a Disbursement Voucher (DV) e-doc in KFS with payment method of WIRE.

For more information see Making International Payments.

  • Read more about Foreign Currency Payments

AP Payment Schedule

Standard Payment Process

  1. ACH payment files for direct deposit are created Monday through Friday on business days.
  2. Check payment files are created once a week on Tuesdays.
  3. Checks are printed and mailed on Wednesdays.
Paper Check Schedule
AP Check File Sent to Bank by 8:30 a.m.
  • Read more about AP Payment Schedule

Revenue Matrix

Recommended Criteria for Distinguishing between Gift/Contribution, Sponsored Contract/Grant and Educational Activity/Other Revenue

The classification of the revenue does not determine the central office (i.e., Office of Sponsored Programs or Alumni Affairs and Development in Ithaca, Office of Sponsored Research Administration or Office of External Affairs at Weill Cornell Medical College) with prime proposal and stewardship oversight. This is determined by the policies promulgated by those offices.

  • Read more about Revenue Matrix

Revenue vs. Expense Reimbursement

Occasionally, the university makes an agreement with an external entity to share the expenses of a particular activity. It might be more efficient or convenient for the department to initially pay all the expenses; however, the cost of that activity on the university’s books should only reflect its share of the expenses. In these situations, the funds received from the other party should be recorded as a reimbursement of expenses and not as revenue. Revenue should only be recorded as the result of revenue-generating activities, like providing a good or service.

  • Read more about Revenue vs. Expense Reimbursement

Accruals/Deferred Revenue

In some cases, customers may pay before the unit provides a good or service for them; however, revenue should only be recorded in period when it is earned. Deposits (whether refundable or non-refundable) and early or pre-payments should not be recognized as revenue until the revenue-producing event has occurred.

The cash given to the unit is a liability because it represents an obligation the unit has to provide the good or service (and justify receiving the cash). When this occurs, deferred revenue or a deposit should be recorded.

  • Read more about Accruals/Deferred Revenue

Allowance for Doubtful Accounts and Bad Debt Expenses

An allowance for doubtful accounts is considered a “contra asset,” because it reduces the amount of an asset, in this case the accounts receivable. The allowance, sometimes called a bad debt reserve, represents management’s estimate of the amount of accounts receivable that will not be paid by customers. If actual experience differs, then management adjusts its estimation methodology to bring the reserve more into alignment with actual results.

  • Read more about Allowance for Doubtful Accounts and Bad Debt Expenses

Accounts Receivable

Sometimes in a revenue transaction, a unit provides a good or a service and permits the customer to defer payment to a future date. In this scenario, when revenue is earned but payment is not yet received, an account receivable (A/R) should be recorded and managed. Accounts receivable are considered assets, because they represent a future resource (usually cash) to the university. Proper stewardship of A/R, like any asset of the university, is an expectation of the unit and the responsible employee.

The typical entry to record this activity is:

  • Read more about Accounts Receivable

External Organization Income

External Organization or "Agency" funds are not university funds, and should not be recorded as revenue. Agency transactions are processed through the university accounting records as a means of assisting informally organized groups related to the university (e.g., student clubs). Agency activity is excluded from the university’s statement of activities, and agency balances are considered a liability. University Policy 3.16, External Organization Accounts is currently being updated to provide additional information.

  • Read more about External Organization Income

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Division of Financial Services

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Ithaca, NY 14850

Hours:  8:00 a.m. - 4:30 p.m., Monday - Friday

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