Index and Glossary - I
- Income Accounting
- Independent Contractor
- Insurable Equipment
- Interface File Transfer
- Internal Controls
- Inventory Controller
- Inventory Form A and B
- Inventory OrgID Lookup
- Inventory Procedures
- IRS Forms
Income Accounting:
Discussion: The Financial & Business Services department responsible for processing University income.
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Income Accounting Topics |
Income Accounting Forms |
| Dept Site | Online Departmental Deposit Training | Ask Us Income Accounting |
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Independent Contractor:
Discussion: Coming Soon.
| Components |
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Insurable Equipment:
Discussion: Equipment having an acquisition or donated value between $1,000 and $4,999, a useful life in excess of one year, and subject to an annual departmental inventory.
| Policy 3-040 | Security and Accountability for University Equipment | Grants Management Essentials Training | Ask Us Property |
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Interface File Transfer:
Discussion: The process whereby departments deposit electronic journal files (of a specific format) to an authorized directory which will be used by General Accounting to create the journals in the accounting system. This process is generally used only by departments billing for goods or services provided to other campus users.
| Help Page | Demo | Ask Us General Accounting |
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Internal Controls:
Discussion: The University uses the Committee of Sponsoring Organizations (COSO) definition of internal controls. COSO defines internal control as a process, effected by an entity’s board of directors, management and other personnel. Internal controls are designed to provide reasonable assurance regarding the achievement of objectives in effectiveness and efficiency of operations, reliability of financial reporting, and compliance with applicable laws and regulations.Internal control is a process.
It is a means to an end, not an end in itself.
Examples of internal controls include:
- Keeping credit card and other sensitive data secured
- Safeguarding physical assets
- Reconciling various accounts and activities
- Following documented cash handling procedures
- Assuring that transactions are appropriate and for a valid business purposes
- Segregating duties such that no one person has full control over a business process. That is, no one individual should have the ability to initiate a transaction, approve a transaction, reconcile the account, or have physical custody of an asset such as cash deposits.
- Monthly review of our management reports to ensure transactions are appropriate and documented
| Rule: Financial Accountability & Control | Internal Control Training | COSO website | Ask Us Controller |
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Inventory Controller:
Discussion: The person within each University department that is responsible for the proper tagging and tracking of the department’s capital assets. The inventory controller ensures each newly acquired capital asset is tagged, all capital equipment lists are completed and returned to Property Accounting in a timely manner, and the yearly capital equipment inventory and lost equipment write-off (if necessary)are completed within the proper timeframe.
| Annual Inventory Procedures | Inventory Form A | Inventory Form B | Ask Us Property Accounting |
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Inventory Form A & B:
- Inventory Form A - This form is used by inventory controllers to identify capital assets found without proper tags affixed and not listed on the yearly inventory. Inventory controllers complete the form and return it with their yearly inventory so that Property Accounting can determine why the listed asset is not on the inventory, add it to the inventory if necessary, and send an asset tag for the newly identified asset.
- Inventory Form B - This form is used by inventory controllers to identify capital assets found with proper tags affixed and not listed on the yearly inventory. Inventory controllers complete the form and return it with their yearly inventory so that Property Accounting can determine why the listed asset is not on the inventory, and add it to the inventory if necessary.
| Annual Inventory Procedures | Inventory Form A | Inventory Form B | Ask Us Property Accounting |
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Inventory OrgID Lookup:
Discussion: A link in the CIS Resources and Information section, Property Accounting sub-section, that provides Org ID, Organization (Department) Name, and Responsible Person information ordered by either Org ID or Organization Name.
| Annual Inventory Procedures | Inventory OrgID Lookup Help | Ask Us Property Accounting |
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Inventory Procedures:
Discussion: The verification of asset condition, location, and manufacturer information, affixing the proper Fiscal Year sticker to each asset listed in the yearly capital inventory, and the return of the completed inventory to Property Accounting within the allotted timeframe.
| Annual Inventory Procedures | Inventory Form A | Inventory Form B | Ask Us Property Accounting |
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IRS Forms:
Discussion: Click on the name of the form to link to additional information:
| Ask Us Tax Services |
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