A write-off is an elimination of an uncollectible accounts receivable recorded on the general ledger. An accounts receivable balance represents an amount due to Cornell University. If the individual is unable to fulfill the obligation, the outstanding balance must be written off after collection attempts have occurred.
Interdepartmental activity can be defined as the billing of goods and services provided by one university department to another internal department, reflecting internal revenue to the provider and internal expense to the customer. When documenting these transactions, one must only use object codes with a sub-type “ID” for interdepartmental activity.
Fund groups categorize the characteristics and limitations placed on the resources recorded in accounts. They indicate the general category of funds, and are used to classify sub-fund groups into one of these categories:
Travel costs are routinely incurred by staff members, faculty, and students on behalf of the university. Travel advances are funds occasionally issued to those eligible to receive them – in order to cover travel costs. Prepaid travel represents money already spent (e.g., flights, hotel expenses, etc.) in advance of expected travel. For accounting purposes, these funds are recorded as assets on the university’s balance sheet until they are depleted.
Anyone in a service center role is required to complete the Accounting Certification Program within 18 months of employment and re-certify every 3 years.
The Accounting Certification Program (ACP) helps employees develop and enhance accounting skills and knowledge by providing an overview of the accounting function, as well as detailed training on the use of specific accounting tools and their associated policies and procedures. The ACP is constantly growing/changing. As core courses become available, you can take them individually and apply them to the certification.
This class will cover the Budget Adjustment and Year End Budget Adjustment e-docs.
The Budget Adjustment e-doc is used to record income and expense transactions not processed through other e-docs against an existing budget. It can be used to modify a base budget, a current budget, or both. It is a financial planning tool that allows an organization to adjust the current and base budget figures for a given account as circumstances may change throughout the fiscal year.
This class will cover the following Financial Processing e-docs:
The Distribution of Income and Expense e-doc is used to distribute the income or expense assets and liabilities from a holding account to one or more appropriate account(s) when one account has incurred expenses or received income on behalf of one or more other accounts. It can also be used to move income, expenses, assets and liabilities to other sub-accounts, object codes, or sub-object codes.
This class covers the following Financial Processing e-docs:
The Advance Deposit e-doc is used by university departments that make their own deposits, departments that use a lockbox at the bank for cash receipts, and anyone who needs to record bank deposits that are not processed through a central processing area.
The Credit Card Receipt e-doc is used to record the receipt of income via credit card payments to the university and distribute the funds received to the appropriate accounts in the financial system.