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, there reporting tools to help monitor and review your accounts.
Please use the following reporting tools to regularly review your accounts:
- UITS monthly statements: available at the end of each month; provides month-end snapshots of different university accounts; contains archived reports
- Balance and Transaction Manager (BaTMan): BaTMan enables you to quickly and easily review consolidated income and expense balances for your accounts/subaccounts and to drill down to the underlying balance details. It also provides significant flexibility and transparency—giving you a number of built in filters while allowing you to view all UITS accounts/subaccounts. To learn more about how to use BaTMan, please open it up and click the “?” box at the top right of the webpage.
Activity Based Costing (ABC)
At UITS, ABC is an annual process that allocates costs (expense) to our services and is used to better understand, analyze, and report on the cost of providing those services.
The ABC App
The ABC app helps determine both the total cost and unit cost of UITS services. Annually, UITS divisions update their service lists and provides them to the Finance Office (FO). The FO then loads the lists and expense data into the ABC app. Managers then use the app to allocate personnel and non-personnel costs by account/subaccount for their services. The FO uses the allocations to calculate total and unit costs for each service and to compare them to the results of the user satisfaction survey.
After the FO completes its analysis, final results are provided to Division Leaders.
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. Please review the following for additional infomation:
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