Alert:  New General Ledger number for tariff taxes

As a reminder, to accommodate recent changes related to tariffs, Accounting Services created a new General Ledger (G/L) account to track tariff taxes incurred on purchases of goods.  Please use general ledger account # 805625 - Tariff Tax to record expenses related to tariff charges.  Should you have any questions or concerns, please contact acctsvcs@cmich.edu

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Accounting Services

The Accounting Services Department is responsible for the University's financial reporting, oversight of journal entries, grant and contract awarded funds, general ledger account and cost center creation, and reconciliation of university bank accounts. We also provide several areas of SAP financial systems training.

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Detailed Accounting Services information

Summary of key services

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 and fund center accounting

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

  • Processing grant/contract setups, closings, and extensions
  • Assisting Project Directors with financial aspects of their grant/contract
  • 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

Training

University debt and 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 ​​​​​​​​​​​​​

Accounting Services forms and documents