Accounting

Within the Cornell accounting system, accounts formerly referred to as “agency accounts” now are known as “external organization accounts.” This change is currently being applied to the forms and agreements needed to request a new external organization account.

If you would like to request a new external organization account, please complete the form below.

Application to Open an External Organization Account with Cornell (PDF, 95 KB)

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.

In the Kuali Financial System (KFS), billing entries are processed using one of the following methods:

Accounts receivable represents money that the university is expecting to receive from those who have not paid in full for goods or services provided. As such, it is an asset on the balance sheet. The receivable is increased when the amount owed to the university – from donors, grantors, customers and others – increases. To show an increase in accounts receivable, a debit entry is made in the journal. It is decreased when these amounts are settled or paid-off – with a credit entry.

An account payable is a liability on the balance sheet. An account payable balance increases as the money owed to providers increases and is shown by a credit entry. It decreases with the settlement or paying-off of money owed to providers – with a debit entry.

Accounts Payable is responsible for the following:

Accounting is more than counting money and keeping ledgers; it encompasses many different types of activities. It is a means to understand the present and plan for the future. It's about managing, recording, and reporting assets accurately to ensure the integrity and prosperity of businesses and institutions.

Accounting Services consists of many different areas that cover a range of functions. These functions work together, along with our campus partners, to accomplish appropriate stewardship of Cornell's financial assets.

For information on opening; maintaining; viewing, adding or editing; and closing accounts, see Set Up and Manage Accounts on the Financial Information Services website.