Accounting Services maintains the General Ledger of the University; develops accounting standards; controls asset, liability and fund balance accounts; and manages all comprehensive audits, financial statements, federal awards, and taxes. Accounting Services coordinates the annual fiscal year end business process. Other major functions Accounting Services oversees: accounts payable, inventory accounting (capital asset accounting), treasury accounting (including endowments), and payroll accounting.
These business processes involve making non-payroll payments to suppliers and employees, vendor maintenance for non-payroll payments, travel advances, emergency checks and foreign payments, payments for withholding to the State, 1099 Miscellaneous Income reporting and payments to the IRS, data entry of payment and financial transactions, and payment corrections.
Inventory/Capital Asset Accounting
Accounting Services responsible for establishing and maintaining the equipment property control system for the University of Minnesota. Equipment is defined as tangible, movable, non-expendable items and can be classified as either capital or non-capital equipment assets. The property control system consists of policies and procedures related to the acquisition, identification, management, and disposal of equipment owned by, or controlled by, the Board of Regents of the University of Minnesota.
Accounting Services is also responsible for maintaining the University of Minnesota’s official record of capital equipment assets. Capital equipment asset records are maintained in the PeopleSoft Financials Asset Management module. The record of sponsor-owned equipment, which meets the University’s definition of capital equipment assets and is in the possession of the University of Minnesota, is also officially maintained by Inventory Services.
A team within Accounting Services is responsible for accounting functions related to the University's endowment fund and other investments, in addition to the University's long-term debt, which consists mainly of bonds and commercial paper. The Treasury Accounting team is also responsible for the University's overall cash procedures and bank reconciliations.