Kentucky State University Business Policies and Procedures Manual
Cashier: Post all cash receipts.
Bursar: Post all charges to student accounts.
Purchasing: Complete approval of all requisitions in the queues and issue POs.
Payroll:
Accounts Payable:
General Accounting:
SOFT CLOSE – no additional subsidiary ledger activity (AR, Cash Receipts, Purchasing, Payroll, AP) should be posted to the period closing.
Fixed Assets Accounting – after soft close:
Grant Accounting – after soft close and Fixed Assets entries are completed:
Confirm all payroll expenses have been posted to the ledger.
Ensure all payroll allocations to grants have been updated for the pay periods.
Submit all benefits expenses payable to AP.
Post all invoices and cash disbursements for the month end, including manual payments, ensuring proper accounting cutoff.
Download credit card statement and transaction details.
Steps
Remit receipts to state.
Download all bank, investment, state cash, bond, and lease statements. See steps in reconciliation sections.
Upload or enter state account transaction activity (capital projects, appropriations accounts)
■ Steps
Import credit card charges.
Steps
Upload postage and printing charges.
Steps
Upload fuel charges.
■ Steps
Record standard journal entries:
Expense prepaids
Amortize leases
Investment changes
Endowment spending allocations and fees (quarterly)
■ Recognize in-kind contributions/expenses
Analyze capital expense account activity.
Reclassify non-capital expense activity.
Capitalize new fixed assets.
Run depreciation expense process.
Post indirect costs to grants.
Run grant billing process.
Invoice grantors.
Draw down grant funds.