Accounting Services

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. Two other major functions are part of Accounting Services: inventory and treasury accounting.

Inventory

Inventory Services is the team 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.

Inventory 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.

Treasury Accounting

Treasury Accounting is the team 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.



Leadership

Sherrie Kutzler
Director

Contact

Staff List & Organization Chart

Phone: 612-624-1617

Accounting Services

Fax: 612-625-5298

Inventory Services

Fax: 612-626-8220

Treasury Accounting

Fax: 612-625-5298

Business Processes & Functions

These business processes involve the General Ledger module in EFS, accounting standards and controls, asset accounting, liability and fund balance accounting, audits, financial statements, federal award accounting, the unclaimed property process, and certain tax procedures (see also the Tax Management Office website).

Asset Management

AM01 Asset Creation
AM02 Asset Maintenance, Retirement, Transfer
AM03 Asset Accounting
AM04 Mass Change
AM05 Physical Inventory
AM06 AM Close
AM07 Asset Reporting
AM08 WorkCenter
AM80 Batch Processing
AM90 IntegrationGrape Silver Beet

Endowments

EM01 Pool and Participant Set Up
EM02 Endowment Participant Transactions
EM03 Investment Manager Transactions
EM04 Pool Position Update
EM05 Income Distribution
EM06 PUF Reporting
EM80 Batch Processing
EM90 Integration

Treasury

TR01 Accounting
TR02 Bank Administration
TR03 Cash Positioning & Forecasting
TR04 Bank Reconciliation
TR05 Settlements
TR06 Financial Gateway
TR07 Manage and Administer Deals
TR80 Batch Processing
TR90 Integration

General Ledger

GL01 Allocations
GL02 Journal Processing
GL03 COA Maintenance
GL04 Financial Close
GL05 University Reporting, central tasks
GL06 Escheatment Process, incl Unclaimed Property
GL07 WorkCenter
GL80 Batch Processing, incl Carryforward
GL90 Integration
GL90 Integration - Combo Code Load
GL90 Integration - Encumbering
GL90 Integration - Retros
KK01 Commitment Control

Payroll Accounting

PA01 Distribution Entry
PA02 Actuals Distribution
PA03 Encumbering
PA04 Fringe Costing
PA05 Retro Distributions
PA06 Annual Roll-over
PA70 Reporting
PA80 Batch Processing
PA90 Integration