2005-2006 Year-End Closing

2005–2006 Year-End Closing June, 2006
FMS Home Newsletters Subscribe Archives Feedback Current Issue YEC Home 05–06 YEC YEC Schedule YEC Reports Capital Asset Mgmt. Contracts & Grants Auxiliary Accounting Accounts Payable Accounts Receivable TP Documents Clearing Acct Closing	2005–2006 Year-End Closing
	Update on the TIME system and Kuali Project A new version of the TIME system is slated for release in the Summer of 2006. TIME is a web-based timekeeping application that allows for the electronic recording and approval of timesheets. Several departments on the Bloomington and Indianapolis campuses currently use TIME for their hourly staff. This new version of TIME will include enhancements allowing the system to be used for the recording of time for service and support staff employees as well. Along with this expanded support for users, the system is being integrated with OneStart and will have a new, more user-friendly, look and feel. TIME gives employees an easy, secure and accurate way to record their work and leave time hours while giving supervisors and departmental payroll staff a way to efficiently review, process and store timekeeping records. The new version of the system will use IU's Workflow engine for the routing and approval of timesheets. This electronic routing and approval will ensure no more lost or late timesheets and also capture and store valuable information related to approvals. The departments currently using TIME for hourly employees will begin using this new version of the application later this summer. Following the release to the current users FMS will be seeking to bring new departments on all IU campuses onto the system gradually. You can read more about the TIME system at http://www.fms.iu.edu/time/. Through the Kuali project, IU has collaborated with other higher education institutions to develop a new open source financial system for colleges and universities. On April 11, the Kuali project announced the availability of the Kuali Test Drive, which enables institutions to explore the emerging Kuali Financial Systems (KFS) software with live transactions and data. KFS is the project's initial software product, designed for college and university enterprise fiscal management. The Kuali Test Drive contains the base modules, such as Chart of Accounts, General Ledger, Electronic Transactions, Reporting, and Workflow. FMS encourages Indiana University fiscal officers and delegates to experiment with the test drive. This will allow users to become familiar with the look and feel of Kuali which is based on the Indiana University FIS. Kuali also uses Kuali Enterprise Workflow, a key enabling technology that provides comprehensive workflow functionality for higher education needs. All software and materials will be available under the Educational Community License and can be adopted by colleges and universities without licensing fees. The open licensing approach provides opportunities for support and implementation assistance from commercial providers. You can read more about the Kuali project ( http://www.kuali.org/ ) and the Kuali Test Drive ( http://www.kualitestdrive.org/ )
	YEC Newsletter Contents Year-End Closing Important facts about year-end closing. Year-End Closing Schedule Print off a copy of the year-end closing schedule and keep important dates close at hand. Year-End Production Reports Available reports during the year-end closing process. CAMS Closing Year-end closing notes for Capital Asset Management. Contract and Grant Closing Year-end closing information for Contract and Grant accounts. Auxiliary Accounting Year-end closing information for Auxiliary and Service accounts. Accounts Receivable Changes with Write-Off Receivables and other Accounts Receivable news. Accounts Payable Learn about a new change that may affect the date that your EPIC transactions are referenced in the General Ledger. FIS/TP Documents A number of documents are designed specifically for processing financial transactions after June 30. Clearing Accounts Emerging policy on the use of Clearing Accounts.	At a glance . . . With this issue of the FMS Newsletter, we hope to provide our readers with information that will be helpful throughout the year-end closing process. Checklist Specific items that you should be aware of are discussed in the Year-End Closing. Schedule Included in this newsletter is a Year-End Closing Schedule. You may want to print out a copy so you can access it more easily. Documentation You can access and download a number of current FIS Support Documents in both HTML and Microsoft Word versions. FIS Training For information on FIS training, or to view class schedules, go to the FMS Training page.
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	The FMS Newsletter Online serves the Indiana University community by keeping faculty, staff, and students informed about university financial policies, initiatives and changes in business practices, and updates and enhancements to the Financial Information System (the university-wide electronic financial transaction processing environment).
	Back to top. Last updated: 05/01/2006 Comments: FMS Help Desk Copyright 2006, The Trustees of Indiana University