Services Provided By Accounting Services

The Accounting Services Department is responsible for the financial reporting of the University. We provide a variety of services to help ensure that financial reporting is accurate and useful to the users. Following is a summary of some of the key services that we provide. Some of the services listed below are further explained on our website. Please click on the underlined items to obtain additional details.

Banking

Cost Center/Fund Center Accounting

Fixed Asset Processing

Grant/Contract Accounting

Journal Entries

Other Customer Service

Reporting

Training

University Debt / Bond Issues

Year-end Processing

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Banking:  

  • Reconciliation of university bank accounts
  • Processing of escheats (unclaimed Receivable, Payable Accounting, and Payroll checks)
  • Investigating ACH and Wire Transfers that have not been journalized by the affected department

Cost Center/Fund Center Accounting:  

  • Establishing new Cost Centers/Fund Centers and closing inactive cost/fund centers
  • Processing changes to center names, persons responsible, and campus mailing addresses
  • Answering departments' questions about charges to their centers

Fixed Asset Processing:  

  • Processing of fixed asset additions(excluding equipment)and related depreciation
  • Note: For Equipment related issues, visit the CMU Purchasing website or contact University Stores at 774-6784
  • Providing fixed asset information for NCAA reporting
  • Providing fixed asset information for PBS reporting

Grant/Contract Accounting:  

  • Processing grant/contract setups, closings, and extensions
  • Assisting Project Directors with financial aspects of their grant/contract
  • Providing Sponsored Projects Manual
  • Providing General Ledger Account and Sponsored Class lists
  • Invoicing funding agencies
  • Depositing all grant/contract related funds
  • Preparing and submitting periodic financial reports to the funding agencies
  • Ensuring Time and Effort reporting requirements have been met
  • Processing indirect costs to grants/contracts
  • Providing information on federally funded grants and contracts for A-133 reporting
  • Processing draws on all private, federal, and state funded grants/contracts, as well as Title IV funds
  • Processing payments for subcontracts negotiated by ORSP
  • Handling audits of grants/contracts

Guidance on Financial Issues:  

Journal Entries:  

  • Answering questions about journal entry preparation
  • Reviewing and processing Journal Entries
  • Reviewing and processing Transfers of Funds
  • Processing journal entry uploads for large journal entries

Other Customer Service:  

  • Answering questions regarding how to read various SAP financial reports or find certain financial data in SAP
  • Answering questions on the use of internal orders
  • Coordinating the Monthly Closing of accounting periods

Reporting:  

  • Preparation and issuance of annual Financial Reports
  • Preparation of quarterly Budget to Actual financial results
  • Processing of and reporting on Tuition Distribution each semester
  • Reporting and remitting sales tax
  • Reporting and remitting Unrelated Business Income Tax on income not substantially related to education

Training:  

University Debt / Bond Issues:  

  • Making payments on outstanding bonds and monitoring related investment accounts
  • Obtaining money via bond draws and bond issuances to generally cover large construction projects

Year-End Processing:  

  • Processing year end College Work Study Transactions
  • Processing Open Commitments and Carryforwards to the new fiscal year
  • Processing carryforward of customer, vendor, and balance sheet general ledger balances to the new fiscal year
  • Processing payroll accrual at year end
  • Processing other accounting accruals
  • Answering questions regarding carryforward balances at fiscal year end
  • Answering questions related to annual indirect cost departmental allocations
  • Updating standard variant dates on major SAP financial reports
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Central Michigan University • 1200 S. Franklin St. • Mount Pleasant, Mich. 48859 • 989-774-4000