Section 13 Accounting
Welcome to the CFO Business and Finance Policy Office Open Comment Blog!
The Office of the Vice President and Comptroller is hosting an open comment period, (beginning November 14th and closing December 5th at 5 p.m. CT), related to changes for Section 13 Accounting of the Business and Financial Policies and Procedures Manual.
University Accounting and Financial Reporting (UAFR) and the CFO Business and Finance Policy Office have updated and redesigned Section 13 Accounting to improve the clarity, flow, and user experience of the overall policy.
The updates being presented in this open commend period do not include any new policy or procedural requirements.
As part of this redesign process the following pages in Section 13 Accounting and 22 Self-Supporting/Revenue Generating Activities will be decommissioned. Note that Section 22 was affected as some of this information is being moved now to Section 13 instead. See below:
Section 13 Accounting
- Update Fields in FOAPAL Segments or Index Codes
- Request a New Organization Code
- Terminate FOAPAL Segments and Index Codes
- Manage Your Unit's General Encumbrances
- Process Revenue and Expense Transfers and Corrections
- Process Fund Transfers
- Process Budget Adjustments or Transfers
- Process Internal Sales
- Record Accrual and Deferral Entries at the End of an Accounting Period
Section 22 Self-Supporting/Revenue Generating Activities
- Identify and Correct Rogue (Misclassified) C-FOAPAL Transactions
- Reconcile General Ledger (GL) and Operating Ledger (OL) Balances
- Reconcile Operating Ledger Transactions to Source Documents
- Reconcile Encumbrance Balances
This focus on System-wide operational standards is combined with an emphasis on existing accounting-related training and detailed fiscal process resources. By clearly separating policy and procedure from process these changes provide business administrators, business managers, and support staff a more consistent and standardized fiscal approach, leading to more effective and efficient administration of University of Illinois System colleges, units, and departments.
Please review the policy by downloading the Word file below and provide feedback.
Section 13 Accounting - Proposed Changes (Word)
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