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:
• oConfirm all payroll expenses have been posted to the ledger.
• oEnsure all payroll allocations to grants have been updated for the pay periods.
• oSubmit all benefits expenses payable to AP.
• oPost all invoices and cash disbursements for the month end, including manual payments, ensuring proper accounting cutoff.
• oDownload credit card statement and transaction details.
• Steps
• oRemit receipts to state.
• oDownload all bank, investment, state cash, bond, and lease statements. See steps in reconciliation sections.
• oUpload or enter state account transaction activity (capital projects, appropriations accounts)
• ■ Steps
• oImport credit card charges.
• Steps
• oUpload postage and printing charges.
• Steps
• oUpload fuel charges.
• ■ Steps
• oRecord standard journal entries:
• Expense prepaids
• Amortize leases
• Investment changes
• Endowment spending allocations and fees (quarterly)
• ■ Recognize in-kind contributions/expenses
• oAnalyze capital expense account activity.
• oReclassify non-capital expense activity.
• oCapitalize new fixed assets.
• oRun depreciation expense process.
• oPost indirect costs to grants.
• oRun grant billing process.
• oInvoice grantors.
• oDraw down grant funds.