Managing your accounts
Systems and toolkits to help you keep an eye on accounts and finances
UITS Managers' accounts
"How much money do I have?" is one of the Finance Office's most frequently asked questions. Fortunately, IU offers several reporting tools to help monitor and review your accounts. They can be especially helpful when inspecting variances in revenue or funds transfers.
Use the following reporting tools to review your accounts monthly, quarterly, or whenever you are considering major financial activities:
- UITS monthly statements: available at the end of each month; provide month-end snapshots of different university accounts; contains archived reports
Activity Based Costing (ABC) Toolkit
UITS uses the ABC Toolkit to analyze expenses by assigning them to services and subervices.
The toolkit helps determine both the total cost and unit cost of different services. The Finance Office can then identify areas where cost increases are outpacing service growth or effectiveness, or vice versa.
How the ABC Toolkit works
The cost results are compared against user satisfaction surveys to measure how resource allocation affects ratings in different areas, as well as identify which areas need to improve satisfaction ratings.
This information is critical to improving operational efficiency and making effective decisions in all areas.
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Indiana University runs on a 12-month fiscal year cycle (July 1–June 30). The OVPIT and UITS budget preparation cycle typically takes place each spring, starting in late January and ending in April.
Every year, the Finance Office prepares a toolkit containing templates, examples, guidelines, references, and other information. This toolkit is intended to make it easier for Managers, Directors, and AVPs to prepare their budgets.
The Finance Office also conducts an orientation and training session for each division to begin the budget-preparation cycle.
Finance Office's accounts
The Finance Office prepares and publishes monthly financial reports, using account resources to compile the information. This includes:
- Budgeted allocations
- Cleared transactions
- Encumbered transactions
- Forecasted transactions
- Budget variance
The Finance Office uses account numbers to differentiate sources and purposes of funds. Download the UITS account cheat sheet to view the specifics.
Managers and directors are expected to actively manage their budgets. This will help Finance Office prepare forecasts. The Finance Office will then analyze the budget variance, which is the difference between the budgeted amount minus the actual transactions (cleared), pending transactions (encumbered), and projected transactions (forecast).
If the office discovers potential complications during analysis, it will contact the involved managers or directors to help resolve the problem and/or prevent them in the future.
*access restricted to Finance Office employees